DTN’s Technical Analysis | ENERGY | Mar 23

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

Darin Newsom - DTN Senior Analyst,
March 23, 2018

Brent Crude Oil: The overnight market on ICE was slightly higher near $69.00. The market remains in a minor (short-term) uptrend and a secondary (intermediate-term) three-wave downtrend. The spot-month contract continues to test minor resistance at $69.04, a price that marks the 76.4% retracement level of the previous downtrend from $71.28 through $61.77. A decisive upside break of this mark would indicate a test of the previous high, though daily stochastics are already above the overbought level of 80% and nearing a bearish crossover.

Crude Oil: The overnight WTI market was $0.25 higher near $64.50. The market remains in a minor (short-term) uptrend and a secondary (intermediate-term) three-wave downtrend. The spot-month contract has dropped back below resistance at $64.63, though still in position to extend the minor uptrend to a test of its previous high of $66.66. Daily stochastics remain bullish below the overbought level of 80%.

Distillates: The overnight market was flat near $1.9925. The market remains in a secondary (intermediate-term) three-wave downtrend. However, its minor (short-term) trend remains sideways to up with the spot-month contract testing resistance at $2.0152. This price marks the 61.8% retracement level of the previous downtrend from $2.1431 through the low of $1.8084. Daily stochastics are nearing the overbought level of 80%.

RBOB Gasoline: The overnight market was slightly higher near $2.0100. RBOB remains in a secondary (intermediate-term) uptrend on its weekly chart with the spot-month contract posting a new four-week high of $2.0343 overnight. Weekly stochastics are above the overbought level of 80%.

Natural Gas: The overnight market was 1.4cts lower at $2.603. The market continues to trend sideways between support at $2.521 and resistance at the four-week high of $2.811.

*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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