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Technical Review of the Energy Markets - 7th March 2013

Natural Gas fell back from resistance at 3.592/613 to support at 3.483 as expected. We watched for a bounce from here & although we over ran slightly to 3.462 we are now holding above 3.483.

A move back up to 3.540/3.554 is possible today & even a test of resistance at 3.592/613 but we do not expect this level to be broken now.

Natural Gas Daily Chart 07.03.13
Click here to enlarge.

Support is at 3.483/3.462 but if we break lower we could expect to test the next support level at 3.415/3.400. This should provide a floor for today but if we sink further look for 3.359.

WTI Crude Oil broke lower to retest 89.47 support, holding above here as predicted, as we expect the end of the 4 week sell off. We now face 90.54 resistance with a push through here very possible to target 91.30/40 for a high for the day here. However we cannot rule out a break higher for 91.90 then 92.50/92.70.

Support at 90.05/00. Below here risks a retest of 89.50/35 which should present a very good
buying opportunity once again. However a break could target 88.59.

WTI Crude Daily Chart 07.03.13
Click here to enlarge.

By. Jason Sen




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