WTI Crude

Loading...

Brent Crude

Loading...

Natural Gas

Loading...

Gasoline

Loading...

Heating Oil

Loading...

Rotate device for more commodity prices

Breaking News:

Russia Set to Enact Oil Industry Tax Reform

Alt Text

Why Nevada Is The Next Lithium Hot Spot

As the Lithium market keeps…

Alt Text

Will Ecuador’s Mining Sector Return To Its Golden Days?

Despite the recent political problems…

Technical Review of the Energy Markets - 26th February 2013

Brent made it to 115.40/60 as hoped but went a little further to 115.87 before topping out. We have now tested & held good support in the 113.65/35 band as expected but if we do break lower look for 113.07 then 112.70/60. Here we should see a floor but longs need a stop below 112.30.

There is a good chance of a rally back to 114.34 today. We are in a down trend so this could see selling pressure but if we push on look for 114.97, possibly 115.46/49 but doubtful any further.

Brent Daily Chart 26.02.13
Click here to enlarge.

WTI Crude Oil pushed higher to 94.37 & failed just below 94.81/96 where we predicted a high.

We then collapsed to the target of 91.99 & have bounced from here. Any rally is expected to be short lived but we could reach for 93.14/40. Watch for a high for the day here but if we do continue higher we may reach 93.87/92 for a selling opportunity.

WTI Crude Daily Chart 26.02.13
Click here to enlarge.

Support at 91.99/92 may hold if retested but the daily outlook remains weak & so an eventual
break lower should target 91.58 which may provide a floor today. If however we break 91.10
look for 100 day & 21 week moving average support at 90.90/80. Below here 200 day MA at
90.43 then the up trend line at 90.00 should be a buying opportunity at this stage.

Natural Gas is closing in on the short term 61.8% Fibonacci resistance at 3.446/3.460 where we also meet the 100 day & 21 week Moving Average. We are sting to look over bought in the short term so there is a good chance of us topping out here. However a push through 3.480 keeps the positive momentum going for 3.505/3.512 & possibly as far as 3.534.

A big sell off is not expected but any profit taking could take us back to 3.385/377 but if this
does not hold look for 3.341/337.

Natural Gas Daily Chart 26.02.13
Click here to enlarge.

By. Jason Sen

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News