DTN’s Technical Analysis | ENERGY | May 2

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

Darin Newsom - DTN Senior Analyst,
May 2, 2018

Brent Crude Oil: The overnight market on ICE was $0.15 lower near $73.00. Tuesday’s selloff seems to have confirmed a move to a minor (short-term) downtrend. The spot-month contract posted a new four-day low of $72.74, putting it in position to challenge initial support at $72.23. This price marks the 23.6% retracement level of the previous uptrend from $61.76 through the $75.47 high.

Crude Oil: The overnight WTI market was $0.25 higher near $67.50. As with Brent crude, WTI looks poised to have rolled over into a minor (short-term) downtrend. Tuesday saw the spot-month contract test initial support at $66.85, a price that marks the 23.6% retracement level of the previous uptrend from $58.07 through the recent high of $69.56. Daily stochastics are bearish and below the overbought level of 80%.

Distillates: The overnight market was slightly higher near $2.1010. The market looks to have confirmed its move to a minor (short-term) downtrend as the spot-contract posted a new four-day low of $2.0997, below initial support at $2.1013. This price marks the 23.6% retracement level of the previous uptrend from $1.8084 through last week’s high of $2.1918. The 38.2% retracement level is down at $2.0453.

RBOB Gasoline: The overnight market was 1.25cts lower near $2.0750. The market confirmed its minor (short-term) downtrend overnight as the spot-month contract posted a new four-day low of $2.0725. Initial support is down at $2.0306, a price that marks the 23.6% retracement level of the previous uptrend from $1.6519 through last week’s high of $2.1476.

Natural Gas: The overnight market was 3.0cts lower at $2.772. For now, the market remains in a minor (short-term) sideways-to-up trend. Initial support is at Monday’s low of $2.728 with resistance at last Thursday’s high of $2.839.

*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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