DTN’s Technical Analysis | ENERGY | May 10

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

Darin Newsom - DTN Senior Analyst,
May 10, 2018

Brent Crude Oil: The overnight market (ICE) was $0.22 higher at $77.43. The spot-month contract posted a new high of $78.00 overnight before pulling back slightly through Thursday morning. This put the spot-month contract above next major (long-term) resistance at $77.75 on the market’s monthly chart, a price that marks the 50% retracement level of the previous major downtrend from $128.40 through the low of $27.10. Fundamental support continues to come from the market’s inverted forward curve.

Crude Oil: The overnight WTI market was $0.43 higher at $71.58. Similar to Brent crude, the spot-month contract posted a new high of $71.89 during the overnight session. Next major (long-term) resistance on the market’s monthly chart is at $72.36, a price that marks the 38.2% retracement level of the previous downtrend from $147.27 through the low of $26.05.

Distillates: The overnight market was 0.10ct higher at $2.2190. The spot-month contract extended its major (long-term) uptrend to a new high of $2.2339 overnight before falling back a bit. Next major resistance on the market’s monthly chart is at $2.4069, a price that marks the 61.8% retracement level of the previous long-term downtrend from $3.37 through the low of $0.8487.

RBOB Gasoline: The overnight market was 4.56cts higher at $2.1570. Similar to distillates, the spot-month RBOB contract extended the market’s major (long-term) uptrend to a new high of $2.1834 overnight. Next major resistance on the monthly chart is at $2.1882, a price that marks the 50% retracement level of the previous downtrend from $3.4789 through the low of $0.8975.

Natural Gas: The overnight market was 1.9cts lower at $2.718. The market now looks to be in a minor (short-term) sideways pattern as the spot-month contract sits below trendline support calculated at $2.728 early Thursday morning. Next support is this week’s low of $2.695 with resistance at this week’s high of $2.773.

*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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