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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…

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Technical Review of the Energy Market - 13th February 2013

WTI Crude Oil caught us out with a break above 96.90/97.10 resistance. We reached the next target of 97.50 and are pushing on for a retest of 98.15/25 highs. Here we should top out with over bought indicators flashing in the short term & a bearish divergence on the daily chart. However we need to keep stops tight above 98.50 for continued strength up to 99.52.

Support today at 97.12 may hold a slide but below here look for 96.71. Try longs with a stop below 96.35 & look to buy in to longs again at 96.05.

WTI Crude Daily Chart 13.02.13
Click to enlarge.

March Brent is heading back to 119.07/17 highs. This remains tough resistance & the chance of a high here again but a break could then target 119.80/120.00. Here we need to exit all longs & can try shorts with a stop above 120.50.

Support if we fall back is at 118.20 but below here a good buying opportunity at 117.62/50. Use stops below 117.10. 

Brent Daily Chart 13.02.13
Click to enlarge.

Gasoil failed at the 1029/32 band this week as expected. As stated, this is a crucial area & we did warn of a top for the bull run here. Any longs need a stop below support at 1011 today as this risks further losses with 1000/999 the next target. Here we exit any shorts & buy in to longs in expectation of a low for this correction. Stops below 995. 

The 1029/32 band should be a major obstacle again today. A close above 1032 is now needed to continue the run to 1037 then 2012 highs of 1045 where bulls could run in to a big obstacle.

Gasoil Daily Chart 13.02.13
Click to enlarge.

Nat Gas is testing 5 month trend line support at 3.220 today. We can try longs here with a stop below this week’s low at 3.207 as we look for an end to the recent weakness now.

We then look for a move above 3.265 to 3.301. A push through yesterday’s high of 3.314 then targets 3.330 but there is scope to test 3.359 resistance this week.

Natural Gas Daily Chart 13.02.13
Click to enlarge.

March RBOB has been hovering in a range from 298 up to 307 for 2 weeks and we held this range again yesterday. There is a little support today at 301 but below here another test of 299/98 look likely. The daily chart is calling for a correction so watch for a break below 297 to trigger stops on longs for a move to 294.88.  

Resistance remains in the 306/307 area but a break & preferably a close above here then opens the door to 309.22 which should be a very tough obstacle and could hold a rally for now.

RBOB Daily Chart 13.02.13
Click to enlarge.

By. Jason Sen


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