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Technical Review of the Energy Markets – 23rd May 2013

WTI Crude did continue lower to the 94.50/40 target & a buying opportunity. We bounced nicely from here but have since broken lower to hit the next target of 93.64. The outlook remains weak so look now for a test of strong support at 92.80/75. We are however starting to look oversold in the short term so watch for a bounce. If attempting longs we need stops below the 200 day moving average at 92.30 & can then look for the next support at 91.60/40.

A bounce from 93.60 is possible and could reach resistance at 94.40/50. It could be worth trying shorts here with stops above 94.90. We could then test the next resistance at 95.50 for another selling opportunity.

WTI Crude Oil Update - 23.05.13

Brent Crude has continued lower with the outlook remaining weak. If we hold below 102.00 we could test the next support at 101.35/20. We are getting very oversold in the short term so this could hold the low for the day. Watch for a bounce but keeps stops tight below 101.00 as a break lower risks a move to 100.26. Exit shorts & try longs here with stops below 99.80.

102.40/50 is now resistance & could hold a bounce but above here we could test trend line resistance at 103.13 coupled with moving average resistance just above at 103.40. Shorts here need stops above 103.85.  

Brent Crude Oil Update - 23.05.13

Natural Gas hit our next target of 4.230/250 where we advised to exit longs & try shorts. This worked perfectly as prices backed away to support at 4.163/133 & a low for the day was seen here exactly as predicted. We are moving back up towards 4.230/250 for another chance to exit longs & try shorts with stops above 4.275. We would look for a drift back again to support at 4.163/133 & a low for the day possible again. However we are very overbought now in the short term so a break lower is more likely today & could target 4.090/75. If we continue lower look for good support at 4.035/015 & a buying opportunity with stops below 4.000.

A break above 4.275 however keeps the upward momentum going for a test of 4.310/ 324. If attempting shorts here we need stops above 4.364.  

Natural Gas Update - 23.05.13

Gasoil collapsed all the way to 861.15/860.50 but we have broken lower again. We are testing the 3 week up trend line at 856.67 so below 856 we look likely to test Fibonacci support at 852.88/68. We are getting very oversold in the short term so if we fall this far we could see a low for the day. However a break lower cannot be ruled out & could target good support at 845.20-843.70. Exit shorts & try longs with stops below 841.75.

859.70/861.10 is now resistance but above here we could stretch to 864.63, possibly as far as 866.53. The daily chart is still very negative so we could exit longs & try shorts here with stops above 868 for the next resistance at 869.60/870.10.

Gasoil Update - 23.05.13

RBOB Gasoline broke support at 280.77 as feared but bounced ahead of 277.95/10. This is good support as stated yesterday & we look oversold in the short term so we would expect a bounce from here if seen today. Exit shorts & try longs with stops below 276.60.

We face resistance in the 282.46-283.60 area which could hold the topside. However above here could see us test resistance at 285.62, possibly as far as 287.10 where we should struggle. Exit longs & try shorts with stops above the 200 day moving average at 288.70.

RBOB Update - 23.05.13

By. Jason Sen




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