DTN’s Technical Analysis | ENERGY | Jan 14

Brent Crude Oil:The overnight market on ICE was down $0.50 near $60.00. The spot-month contract remains in a short-term uptrend despite the overnight decline, trading at a $62.49 five-week high last week. Resistance is found at the $61.18 50-day moving average, and again at the $65.54 50% retracement point for the 2017-to-2018 uptrend. Support is found at $54.60. The forward curve is in a contango market structure through August delivery. The relative strength index shows a neutral market. Crude Oil: The overnight WTI market was down $0.45 near $51.15. The spot-month contract remains in a short-term uptrend despite lower values overnight, trading at a $53.31 five-week high last week. Resistance is found at the $52.36 50-day moving average, and again at the $55.36 61.8% retracement point for the 2017-to-2018 uptrend. Retracement support is found at $45.47. The forward curve is in contango market structure through July delivery. The relative strength index shows a neutral market. Distillates: The overnight market was up 0.25cts near $1.8820. The spot-month contract is in a short-term uptrend, trading at a $1.9235 five-week high last week. The spot-month contract continues to test resistance at the $1.9020 50% retracement point for the 2017-to-2018 uptrend. Resistance is again found at the $2.0313 38.2% retracement point. The forward curve is in seasonal backwardation. The relative strength index shows a neutral market. RBOB Gasoline: The overnight market was down 0.95cts near $1.3910. The spot-month contract continues to test retracement support at $1.3838. Resistance is found at the $1.4277 61.8% retracement…

Continue Reading at: DTN, DTN’s Technical Analysis | ENERGY | Jan 14

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