DTN’s Technical Analysis | ENERGY | Jun 4

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

Darin Newsom - DTN Senior Analyst,
June 4, 2018

Brent Crude Oil: The overnight market (ICE) was $1.04 lower at $75.75. The market remains in a minor (short-term) 3-wave downtrend, with Wave C now expected to move below the Wave A low of $74.49. Support below that price is between $73.34 and $71.13, prices that mark the 38.2% and 50% retracement levels of the previous uptrend from $61.76 through the $80.50 high.

Crude Oil: The overnight WTI market was $0.40 lower at $65.40. Wave C (third wave) of a 3-wave minor (short-term) downtrend is well under way, with the spot-month contract moving below the Wave A low of $65.80 last Friday and next support at $65.45 overnight. The next target would be $63.71, a price that marks the 61.8% retracement level of the previous uptrend from $58.07 through the high of $72.83. Daily stochastics have moved below the oversold level of 20%.

Distillates: The overnight market was 1.97cts lower at $2.1566. Wave C (third wave) of the market’s 3-wave minor (short-term) downtrend is gaining momentum, with the spot-month falling below the Wave A low of $2.1696 as expected. Next support is at $2.1165, a price that marks the 38.2% retracement level of the previous uptrend from $1.8084 through the high of $2.3069. Daily stochastics have moved below the oversold level of 20%.

RBOB Gasoline: The overnight market was 2.28cts lower at $2.1206. The market remains in a minor (short-term) 3-wave downtrend with Wave C moving below support at $2.1360. Next support is at $2.0435, a price that marks the 38.2% retracement level of the previous uptrend from $1.6519 through the high of $2.2855.

Natural Gas: The overnight market was 0.8ct higher at $2.973. The market looks to be in position to extend its minor (short-term) uptrend with the spot-month contract challenging last week’s high of $2.988 overnight. Daily stochastics remain above the overbought level of 80%.

*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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