DTN’s Technical Analysis | ENERGY | Jul 26

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

Brian Milne - DTN Energy Editor,
July 26, 2018

Brent Crude Oil: The overnight market on ICE was $0.35 higher near $74.30. The spot-month contract is testing resistance at $75.22, the 38.2% retracement point for the April-to-May uptrend, with resistance then found at $76.08. Initial support is found at the 100-day moving average at $73.75 followed by the recent $71.19 low and the $71.13 50% retracement point for the February-to-May uptrend. The spot-month contract is in a short-term downtrend, with the forward curve in contango. The relative strength index shows a neutral market condition.

Crude Oil: The overnight WTI market was flat near $69.25. The spot-month contract is testing resistance at the $69.43 retracement point for the June-to-July uptrend. After the $70 psychological marker, retracement resistance is marked at $70.81. Support is found at $68.05, the $67.54 100-day moving average, and the recent $67.03-$67.04 double bottom. WTI is in a bullish backwardated market structure. The relative strength index shows a neutral market condition.

Distillates: The overnight market was 1.25cts higher near $2.1640. The spot-month contract is testing resistance at the $2.1864 50% retracement point for the May-to-June downtrend. Support is found at the $2.1066 100-day moving average. 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 1.0cts higher near $2.1335. The spot-month contract is testing resistance at the $2.1505 38.2% retracement point for the April-to-May uptrend. Support is marked at the $2.0775 100-day moving average. The gasoline market is in seasonal backwardation, underpinning prices. The relative strength index shows a neutral market condition.

Natural Gas: The overnight market was up 1.8cts at $2.793. The spot-month contract is testing resistance at $2.792, the 50% retracement point for the February-to-June uptrend. Support is marked at the July low of $2.704. The August contract holds a modest premium to September delivery ahead of Friday’s expiration, with the market structure then in contango. The relative strength index shows an oversold 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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