DTN’s Technical Analysis | ENERGY | Oct 15

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

Brian Milne - DTN Energy Editor,
October 15, 2018

Brent Crude Oil: The overnight market on ICE was up $0.85 near $81.25. The spot-month contract continues to trade on either side of the $80.84 extension point for the February-to-May uptrend, with support at the $77.20 38.2% retracement point for the February-to-October uptrend. The forward curve is in a bullish backwardated market structure. The relative strength index shows a neutral market.

Crude Oil: The overnight WTI market was up $0.60 near $71.95. The spot-month contract has support at the $69.41 100-day moving average. Pockets of resistance are found at $72.44, $72.75 and $73.00 ahead of retracement resistance at $74.88. The forward curve is in a bullish backwardated market structure. The relative strength index shows a neutral market.

Distillates: The overnight market was up 1.6cts near $2.3535 amid consolidation trade. The spot-month contract has support at $2.3069, with resistance at the $2.4206 23.6% Fibonacci extension point for the February-to-May uptrend. The seasonal contango at the front end of the forward curve remains tight. The relative strength index shows a neutral market.

RBOB Gasoline: The overnight market was up 1.25cts near $1.9540 amid inside trade. The spot-month contract is in a short-term downtrend, trading at a seven-month low at $1.9236 last week. The spot-month contract has support at the $1.9260 September low. The front end of the forward curve is flat. The relative strength index shows a neutral market.

Natural Gas: The overnight market was up 7.8cts at $3.239, holding within Friday’s trade range. The spot-month contract pulled back sharply after testing resistance at the $3.38 61.8% extension point for the February-to-June uptrend, trading at a more than eight-month high at $3.368 last week. Support is marked at the $3.229 retracement point. The November through January calendar spreads are in seasonal contango. The relative strength index shows easing overbought pressure.

*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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