WTI Crude hit profit taking as predicted hitting out target of 95.50 & in fact bottomed exactly here. We could continue lower today for good support at 94.50/40 & a buying opportunity with stops below the 100 day moving average at 93.95. Then look for 93.64 as the next support.
If we hold on to 95.50 we could crawl higher to try resistance at 96.45/60. We should struggle here but a push higher targets 97.00/17 for a selling opportunity. Stops above 97.35 for a run to April highs at 97.80 & another selling opportunity, but will need stops above this year’s high of 98.24.
Brent Crude held below 105.31 & hit profit taking as expected to hit our 103.85/75 target. As predicted this did hold the downside where we advised profit taking on shorts, but a break lower today should see 103.25 & possibly good support at 102.70/50. Exit shorts & try longs here with stops below 102.00.
If we push back above 103.85 we could try for resistance at 104.35 & a possible selling opportunity but shorts need stops above 104.60 for a retest of 105.30.
Natural Gas broke 4.163 as we close in on our next target of 4.230/250. We are overbought short term so exit longs & try shorts here with stops above 4.275.
A drift lower finds support at 4.163/133 & a low for the day possible but below here sees 4.097. If we continue lower look for good support at 4.078/063.
RBOB Gasoline did head lower as expected to hit our target of 283.60/282.50 & take profit on shorts. We are weaker again this morning & looking for a test of support at 280.77 but could fall as far as 277.95/10. This is good support as we start to look oversold in the short term so we would expect a bounce from here. Exit shorts & try longs with stops below 276.60.
A push back above 283.80 however could see us test resistance at 287.10 where we should struggle but any further gains run in to the 200 day moving average at 288.75 for a selling opportunity.
Gasoil hit profit taking breaking 875.65/25 as we close in on our target of 870/869. This could be a buying opportunity so maybe exit shorts & try longs with stops below 866.50. A break lower then target 864.65 then 861.15/860.50 for another buying opportunity with stops below 859.50.
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If we hold above look for a test of resistance at 875.65 & a high for the day possible but above here we should see 878.63.
By. Jason Sen
