DTN’s Technical Analysis | ENERGY | Jan 18

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

Brian Milne - DTN Energy Editor,
January 18, 2019

Brent Crude Oil: The overnight market on ICE was up $0.55 at $61.75, moving above the 50-day moving average at $60.25. Resistance is found at this month’s $62.49 high and at the $65.54 50% retracement point for the 2017-to-2018 uptrend. Support is found at $54.60. March delivery moved into backwardation against April, a bullish signal. The forward curve is in backwardation from June delivery through April 2020. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was up $0.50 at $52.60, moving above the 50-day moving average at $51.48. Resistance in found at this month’s $53.31 high and at the $55.36 61.8% retracement point for the 2017-to-2018 uptrend. Retracement support is found at $45.47. The forward curve is in a contango market structure through October delivery. The relative strength index shows a neutral market.

Distillates: The overnight market was up 0.8cts near $1.8925. The spot-month contract moved above the 50-day moving average at $1.8825, with resistance found at last week’s $1.9235 high. A move through the high targets the $2.0313 38.2% retracement point for the 2017-to-2018 uptrend. Support is found at the $1.7727 61.8% retracement point. The forward curve is in seasonal backwardation. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 0.8cts at $1.4380, moving above the $1.4345 50-day moving average. The spot-month contract moved above resistance at the $1.4277 61.8% retracement point for the 2016-to-2018 uptrend, with resistance 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 down 11.8cts at $3.295, narrowing the gap on the spot continuation chart from prior Friday’s $3.166 high to Monday’s $3.281 low with a $3.257 low. The spot-month contract is in a short-term uptrend, with resistance at the $3.729 50% retracement point for the 2018 uptrend. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows a neutral market.

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