DTN’s Technical Analysis | ENERGY | May 30

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

Darin Newsom - DTN Senior Analyst,
May 30, 2018

Brent Crude Oil: The overnight market on ICE was $0.50 higher near $75.95. The market remains in a minor (short-term) downtrend on its daily chart with next support at $73.34. This price marks the 38.2% retracement level of the previous uptrend from $61.76 through the high of $80.50. Daily stochastics remain bearish, heading toward the oversold level of 20%.

Crude Oil: The overnight WTI market was $0.25 higher near $67.00. The market remains in a minor (short-term) downtrend, with next support at $65.45. This price marks the 50% retracement level of the previous uptrend from $58.07 through the high of $72.83.

Distillates: The overnight market was 1.5cts higher near $2.2015. The market is in a minor (short-term) downtrend, with the spot-month contract continuing to test support at $2.1893. This price marks the 23.6% retracement level of the previous uptrend from $1.8084 through the high of $2.3069.

RBOB Gasoline: The overnight market was 1.75cts higher near $2.1610. The market is in a minor (short-term) downtrend, with the spot-month contract testing support at $2.1360. This price marks the 23.6% retracement level of the previous uptrend from $1.6519 through the high of $2.2855.

Natural Gas: The overnight market was 1.8cts lower at $2.885. The market looks to be in a minor (short-term) downtrend following Tuesday’s bearish reversal, a pattern that included a low of $2.838. This was a test of support at $2.835, the 33% retracement level of the previous uptrend from $2.565 through Tuesday’s high of $2.968.

*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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