DTN’s Technical Analysis | ENERGY | Jan 10

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

Brian Milne - DTN Energy Editor,
January 10, 2019

Brent Crude Oil: The overnight market on ICE was down $0.25 near $61.15. The spot-month contract traded at a $61.69 four-week high Wednesday, confirming the transition to a short-term uptrend. The spot-month contract moved above resistance at $60.54, the 61.8% retracement point for the 2017-to-2018 uptrend. Pushing past the 50-day moving average, now at $61.73, would trigger more buying. Resistance is again found at the $65.54 50% retracement point. The forward curve is in a contango market structure through November delivery. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was down $0.40 near $51.95. The spot-month contract traded at a $52.28 four-week high Wednesday, confirming the transition to a short-term uptrend. The spot-month contract moved above resistance at $51.48, the 50% retracement point for the 2016-to-2018 uptrend. Moving above the 50-day moving average, now at $52.92, would spark increased buying interest. Retracement resistance is marked at $55.36. The forward curve is in contango market structure through May 2020. The relative strength index shows a neutral market.

Distillates: The overnight market was down 0.2cts near $1.8790. The spot-month contract is in a short-term uptrend, trading at a $1.888 four-week high Wednesday. The spot-month contract has resistance at $1.9020, the 50% retracement point for the 2017-to-2018 uptrend. Resistance is again found at the $2.0313 38.2% retracement point. The forward curve is in seasonal backwardation. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was flat near $1.4255. The spot-month contract is in a short-term uptrend, trading at a $1.4348 four-week high Wednesday. The spot-month contract has again moved above resistance at $1.4277, the 61.8% retracement point for the 2016-to-2018 uptrend. Retracement resistance is again found at $1.5340. The forward curve is in contango through June delivery. The relative strength index shows a neutral market.

Natural Gas: The overnight market was up 6.0cts at $3.044. The spot-month contract has retracement resistance at $3.095. Support is found at the $2.878 low and again at $2.797. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows oversold pressure is building.

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