DTN’s Technical Analysis | ENERGY | Jan 23

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

Brian Milne - DTN Energy Editor,
January 23, 2019

Brent Crude Oil: The overnight market on ICE was up $0.65 at $62.15 amid inside trade. The spot-month contract is in a short-term uptrend, trading at a $63.15 six-week high this week. Resistance is found at the $65.54 50% retracement point for the 2017-to-2018 uptrend, with support marked at $54.60. March delivery is at a premium to the April contract, a bullish signal. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was up $0.50 near $53.50 as the March contract takes over as the nearest delivered contract. The spot-month contract is in a short-term uptrend, trading at a six-week high of $54.24 this week. Resistance in found at the $55.36 61.8% retracement point for the 2017-to-2018 uptrend, with support marked at $45.47. The forward curve is in a contango market structure through third quarter delivery. The relative strength index shows a neutral market.

Distillates: The overnight market was up 2.10cts near $1.9220 amid inside trade. The spot-month contract is in a short-term uptrend, trading at a $1.9265 six-week high this week. The spot-month contract has resistance at the $2.0313 38.2% retracement point for the 2017-to-2018 uptrend, with support 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 0.55cts at $1.4070. The spot-month contract pulled back from last week’s $1.4677 five-week high. The spot-month contract is again trading below the $1.4277 61.8% retracement point for the 2016-to-2018 uptrend, and the 50-day moving average at $1.4250. Moving decisively through these price points targets resistance at $1.5340. Support is found at $1.3838. The forward curve is in contango through June delivery. The relative strength index shows a neutral market.

Natural Gas: The overnight market was up 9.0cts at $3.130, reversing up from Tuesday’s $3.026 one-week low. The spot-month contract filled a gap on the spot continuation chart, testing retracement support at $3.095. Support is again found at the $2.962 retracement point. Retracement resistance is found at $3.229. The forward curve is in seasonal backwardation through May delivery. The relative strength index shows a neutral market.

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