DTN’s Technical Analysis | ENERGY | Aug 24

Daily technical analysis of crude oil, heating oil, gasoline and natural gas

Brian Milne - DTN Energy Editor,
August 24, 2018

Brent Crude Oil: The overnight market on ICE was up $1 near $75.75. The spot-month contract has moved into a short-term uptrend, trading at a $75.84 six-week high overnight. Resistance is at the $76.11 61.8% retracement point for the July-to-August downtrend, with resistance then found at $77.24. Retracement support is found at $73.89. October delivery is trading at a discount to the November contract, with the forward curve then flipping into a bullish backwardated market structure. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was up nearly $1 at $68.75. The spot-month contract moved through retracement resistance at $68.05, trading at a $68.79 two-week high overnight. Resistance is now marked at $69.43, the 50% retracement point for the June-to-July uptrend. Support is found at the $64.74 200-day moving average and the $64.43 August low. WTI is in a bullish backwardated market structure. The relative strength index shows a neutral market.

Distillates: The overnight market was up 2.75cts near $2.2025. The spot-month contract has moved into a short-term uptrend, trading at a $2.2029 six-week high overnight. Resistance is marked at the $2.2056 61.8% retracement point for the May-to-July downtrend. Resistance is then found at the $2.2189 June high. The forward curve is in a weakening contango market structure through January delivery. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 2.0cts near $2.08. The spot-month contract is testing resistance at the $2.0789 retracement point for the June-to-August downtrend. Resistance is again found at $2.1052. The gasoline market is in seasonal backwardation through January delivery. The relative strength index shows a neutral market.

Natural Gas: The overnight market was up 0.3cts at $2.967 amid inside trade. The spot-month contract is in a short-term uptrend, trading at a $2.993 eight-week high this week. Resistance is found at the $3.053 June high. Support is marked at the $2.878 50% retracement point for the June-to-July downtrend. Support is again found at the 200-day moving average at $2.853, and the $2.843 100-day moving average. The forward curve is in a contango market structure through January delivery. The relative strength index shows an easing overbought market.

*For technical analysis of monthly (long-term) and weekly (intermediate-term) trends see DTN’s Technically Speaking blog on your ProphetX system.

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