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Technical Review of the Energy Markets - 9th May 2013

By Jason Sen | Thu, 09 May 2013 13:56 | 0

Gasoil beat 863/866 again but failed to make it our next target of 875.25/876.25. If we reach here today this is tough resistance & may be worth trying shorts with a stop above 878 as a break higher should fill the gap at 883/884.

Failure to break this week’s high at 872 could see a drift back to support at 861/859.60. However below here look for 852 then better support at 846/844 could see a bounce today. Longs here need a stop below 840.

Gasoil Update - 09.05.13

Natural Gas broke 3.940/935 but bounced above excellent support at 3.844 & 200 week moving average just below at 3.805, where we expected a low for the correction. Yesterday’s reversal does indicate the end of the correction now so we may not see prices test the 3.844/805 support but if we do get a chance today we could exit shorts & try longs with stops below 3.780.

3.940 is now support & if we can hold above here look for a test of 4.025/034. This may be as far as we go so watch for a high for the day here but if we continue higher look for strong resistance at 4.110/130. Try shorts here but we need stops above 4.170 for continued strength up to resistance at 4.234/250.

Natural Gas Update - 09.05.13

RBOB Gasoline is edging higher & may test the 200 day moving average at 288.85 today. Just above here we meet strong Fibonacci resistance at 289.50/291 so this area could hold a move higher. It may therefore be a good idea to exit longs & try shorts with stops above the 100 day moving average at 292.

Support at 283.22 today then 280.46 but below here look for 278.77/23 which should hold the downside.

RBOB Update - 09.05.13

WTI Crude is above resistance at 96.10/25 & looking to test this week’s high of 97.17 but above here we run in to 3 month trend line resistance at 97.53 then April highs at 97.80. We should fail with in this band & hit profit taking being overbought on the daily chart. Exit longs & try shorts with stops above Feb highs at 98.11. If we can then beat January highs at 98.24 look for 99.52.

Good support at 95.50 today then this week’s low at 94.90/85. Below here 94.47/44 is strong support for trying longs but below 94.20 risks further losses to 93.64 & possibly further good support at 92.80/75. Longs here need a stop below 92.30 for 91.60/40 as the next target.

WTI Crude Oil Update - 09.05.13

Brent Crude made it to the target of 105.95/106.05 & topped out here this week to test support at 103.80. We just managed to hold on here & being oversold in the short term now we could go for a retest of 105.95/106.05. This could hold again today but be ready to go with a break higher looking for a test of March lows at 106.80. A break higher from here could then takes us towards 107.96 which is likely to cap at this stage.

103.80/55 is support again today but below here we could test strong support at 102.50. Look for a low for the day here so we could exit shorts & try longs with stops below 102.00.

Brent Crude Oil Update - 09.05.13

By. Jason Sen

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