DTN’s Technical Analysis | ENERGY | Jun 5

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

Darin Newsom - DTN Senior Analyst,
June 5, 2018

Brent Crude Oil: The overnight market (ICE) was $0.94 lower at $74.35. The market remains in a minor (short-term) 3-wave downtrend with Wave C below the Wave A low of $74.49. The next target area is between $73.34 and $71.13, prices that mark the 38.2% and 50% retracement levels of the previous uptrend from $61.76 through the $80.50 high.

Crude Oil: The overnight WTI market was $0.23 lower at $64.51. Wave C (third wave) of a 3-wave minor (short-term) downtrend is well under way, with the spot-month contract approaching next support at $63.71. This price marks the 61.8% retracement level of the previous uptrend from $58.07 through the high of $72.83. Daily stochastics are below the oversold level of 20%.

Distillates: The overnight market was 2.23cts lower at $2.1302. Wave C (third wave) of the market’s 3-wave minor (short-term) downtrend is gaining momentum, testing support at $2.1165. This price marks the 38.2% retracement level of the previous uptrend from $1.8084 through the high of $2.3069. Daily stochastics are below the oversold level of 20%.

RBOB Gasoline The overnight market was 2.55cts lower at $2.0969. The market remains in a minor (short-term) 3-wave downtrend with Wave C moving below support at $2.1360. Next support is at $2.0435, a price that marks the 38.2% retracement level of the previous uptrend from $1.6519 through the high of $2.2855.

Natural Gas The overnight market was 1.5cts lower at $2.915. Once again the market looks to be rolling over into a minor (short-term) downtrend after falling back from its recent high of $2.988. If so, initial support is at $2.888, then $2.848.

*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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