DTN’s Technical Analysis | ENERGY | Oct 17

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

Brian Milne - DTN Energy Editor,
October 17, 2018

Brent Crude Oil: The overnight market on ICE was slightly lower near $81.25. The spot-month contract has resistance at the $84.73 Fibonacci extension point for the February-to-May uptrend. Support is marked 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 down $0.25 near $71.60. The spot-month contract has support at the $69.46 100-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 slightly lower near $2.3385. 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 0.4cts near $1.9810. The spot-month contract has support at the $1.9260 September low and resistance at $2.0108, the 23.6% retracement point for the May-to-September downtrend. The front end of the forward curve is flat. The relative strength index shows oversold pressure.

Natural Gas: The overnight market was up 1.8cts at $3.257. Support is marked at the $3.229 retracement point for the January-to-February downtrend. The spot-month contract is in a short-term and seasonal uptrend, trading at a more than eight-month high at $3.368 in October. Resistance is found at the $3.38 61.8% extension point for the February-to-June uptrend. The November through January calendar spreads are in seasonal contango. The relative strength index shows easing overbought pressure.

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