DTN’s Technical Analysis | ENERGY | Aug 3

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

Brian Milne - DTN Energy Editor,
August 3, 2018

Brent Crude Oil: The overnight market on ICE was flat near $73.50. The spot-month contract is in a short-term downtrend, testing support this week at the $71.97 61.8% retracement point for the April-to-May uptrend. Support is then found at the $71.19 July low and the $71.13 50% retracement point for the February-to-May uptrend. Resistance is marked at $75.22, the 38.2% retracement point for the April-to-May uptrend. The forward curve is in a contango market structure. The relative strength index shows a neutral market condition.

Crude Oil: The overnight WTI market was flat near $69. The spot-month contract moved into a short-term downtrend this week after trading at a better-than four-week low of $66.92. The spot-month contract tested long-term support at $66.89, with support again found at $65.77. Resistance is marked at the $69.43 and $70.81 retracement points for the June-to-July uptrend. WTI is in a bullish backwardated market structure. The relative strength index shows a neutral market condition.

Distillates: The overnight market was flat near $2.1300. The spot-month contract has retracement support at $2.0722 and $2.0577, with support again found at the $2.0417 July low. Resistance is found at the $2.1430 38.2% retracement point for the May-to-July downtrend. The forward curve is in seasonal contango through January delivery. The relative strength index shows a neutral market condition.

RBOB Gasoline: The overnight market was slightly lower near $2.0665. The spot-month contract has support at the $1.9982 July low. Resistance is found from $2.0687 to $2.0717, and again near $2.0945. The gasoline market is in seasonal backwardation through January delivery. The relative strength index shows a neutral market condition.

Natural Gas: The overnight market was up 0.7cts at $2.823. The spot-month contract moved through resistance at the $2.792 50% retracement point for the February-to-June uptrend, and is again testing the tweezer top at $2.831 formed in late July which stands in front of retracement resistance for the June-to-July downtrend at $2.837. Failure to move through $2.831 could signal a downside reversal. Support is marked at the July low of $2.704. The forward curve is in a contango market structure through January delivery. The relative strength index shows a neutral market condition.

*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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