• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 1 hour Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 50 mins Tesla Launches Faster Third Generation Supercharger
  • 3 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 3 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 5 hours EU has already lost the Trump vs. EU Trade War
  • 7 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 8 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 11 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 2 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 3 hours China's Renewables Boom Hits the Wall
  • 12 hours Iran's Master Plan?
  • 6 hours Does .001 of Atmosphere Control Earth's Climate?!

Breaking News:

Oil Rebounds On Surprise Crude Draw

Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Alt Text

The Worst Oil Trades Ever Made

Wall Street is full of…

Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Jason Sen

Jason Sen

Jason Sen began his career at the age of 19 in the options pits, market making his own account as a ‘local’ on the trading…

More Info

Premium Content

Technical Review for the Energy Markets - 20th February 2013

WTI Crude Oil did hold just above 95.06/94.97 & headed higher as predicted. We expected a high at 96.90/97.00 and have so far topped out at 96.81. As stated yesterday, we are looking to sell in to shorts here with a stop above 97.50. Go with a break higher looking for a retest of Feb highs at 98.10/24.

We have support at 96.32/28 & we could see a bounce off here if tested this morning. However below here look for 96.00/90 then not much to stop a return to the week’s low at 95.35/20. 

WTI Crude Daily Chart 20.02.13
Click to enlarge.


Brent has failed to get back through 117.60/40 resistance as the outlook weakens. If we do push higher today look for 118.04/15. Very possible we fail here again today but on a break we have a gap to close & tough resistance at 118.42/51. If we manage to keep pushing higher we hit Feb highs at 119.12/17 which are expected to hold on a retest.

The outlook remains weak so below 117.60/40 look for 117.05/116.95 with failure here targeting 116.66/61 then last week’s low at 116.28/19. Good chance of a low here again today with further strong support just below at 115.88/83.

Brent Daily Chart 20.02.13
Click to enlarge.


Gasoil is hovering below 1004 after we just held 1000/999 support yesterday as hoped. However a break lower is more likely today so any longs need a stop & reverse in to shorts below 996 for 991/989 as the next target & support. There is scope for 981/979 perhaps later in the week which would offer an excellent buying opportunity with a low for the correction expected here. 

Resistance is at 1004/05 but above 1006 look for 1010/11 then 1015 with 1018 likely to cap any rally this week.

Gasoil Daily Chart 20.02.13
Click to enlarge.


Natural Gas caught us out with a break through 3.200/202 & then 3.245/250 as we reached 3.285. There is resistance here so we could top out but a break higher cannot be ruled out for a test of 3.320/328. This is the short term 61.8% & 38.2% Fibonacci level as well as last week’s high, but also 21 day & 100 week moving average resistance & with the market over bought in the short term this should cap today. However a break could target 3.383 next. 

Strong support at 3.325 today but below here risks 3.20 then little to stop a retest of 3.140/125. Just below at 3.010/085 is 200 day MA, daily & weekly Fibonacci support & mid Jan lows so we should bottom here. Worth exiting shorts & trying longs with a stop below 3.050.      

Natural Gas Daily Chart 20.02.13
Click to enlarge.


March RBOB could not hold the break of last week’s high at 316.39 & tested 310 support which was predicted to provide a floor & an excellent buying opportunity. This worked nicely as we bottomed at 310.20.  Our first obstacle today is 312.50 then 313.63/313.75 but above here we can try for 316.39/316.91 resistance. A break of 317 then targets 320.50.

Support at 310.20/309.78 could hold again today but below here the 306/305 band is an excellent buying opportunity. 

RBOB Daily Chart 20.02.13
Click to enlarge.

By. Jason Sen




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play