DTN’s Technical Analysis | ENERGY | Mar 7

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

Darin Newsom - DTN Senior Analyst,
March 7, 2018

Brent Crude Oil: The overnight market on ICE was $0.25 lower near $65.50. Despite this week’s rally the market remains in a secondary (intermediate-term) three-wave downtrend. Wave C (third wave) should take the market below initial support at $60.85 to a test of next support at $54.40.

Crude Oil: The overnight WTI market was $0.25 lower near $62.25. The market remains in a secondary (intermediate-term) three-wave downtrend. Wave C (third wave) should take the market below initial support at $57.08, possibly to a test of next support at $51.15.

Distillates: The overnight market was 0.5cts lower near $1.90. The market posted a bearish outside range last week indicating the end of Wave B (second wave) and beginning of Wave C (third wave) of a secondary (intermediate-term) three-wave downtrend. Wave A breached initial support at $1.8376, meaning Wave C is projected to fall to next support at $1.6486.

RBOB Gasoline: The overnight market was 0.5cts higher near $1.9375. RBOB looks to be in a secondary (intermediate-term) sideways trend on its weekly charts. Support is at its four-week low of $1.6519 with resistance the recent high of $1.9530.

Natural Gas: The overnight market was 2.6cts higher at $2.775. The spot-month contract continues to hold above support at $2.521. Weekly stochastics remain bearish but are working toward a neutral crossover above the oversold level of 20%.

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Darin Newsom,  darin.newsom@dtn.com

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