Brent Crude beat resistance at 102.98 to hit 103.75/80 & our selling opportunity with stops
above 104.15. This trade worked perfectly with a high at 104.10.
Support at 103.00/90 offers a chance for profit taking on our shorts but the outlook is weakening
so a break lower to 102.43/34 looks possible. If we continue lower look for a test of this week’s
low of 101.85/70. A low for the day is possible here again but any longs at this stage need stops
below 101.30 for 100.80 then excellent support at 100.25 & a buying opportunity here this week.
Resistance at 103.75/80 offers another selling opportunity today with stops above 104.20. A
break higher could then target last week’s high at 105.00.
WTI Crude pushed higher to the 8 month trend line at 96.30/40 which we saw as a tough obstacle
& a selling opportunity. The market halted & 96.45!
Immediate support at 95.23 could hold at first but we could continue lower in to the end of the
week. A break lower does look likely for a test of support at 94.50/40. Failure here means we
have broken the 2 week up trend & should test the 100 day moving average at 94.10/00. Any
longs at this stage need stops below 93.70 for a test of the next support at 93.30/20.
A little resistance at 95.90/00 then the 8 month trend line at 96.30/40 should hold a bounce.
However an unexpected break higher could target 96.70/80 & possibly May highs at 97.10/17.
Natural Gas held just above 3.696 and topped exactly at resistance of 3.790/810 as expected.
We could see the market retest this week’s low of 3.716/710 today & a break lower is possible to
test better support at 3.640/630. If we fall as far as the 200 day moving average & trend line
support at 3.583 this offers an excellent buying opportunity with a low for the week expected.
Resistance at 3.790/810 could hold the topside again today but above here look for a selling op-
portunity at 3.870/880.
Gasoil for July has resistance at 868.50 & then the trend line at 870.25. A break higher however
could target 875.25 & possibly last week’s high at 879.
We are quite directionless in this market for almost 2 weeks now. A drift lower could test support
at 862 but below here look for 856.75/25 & bottom for the day possible. However a break lower
could reach better support at 851.25 & if we break lower again later in the week look for the next
support at 843.00/75.
RBOB Gasoline is sitting just below 281.20 which could keep the market under pressure for
279/278.50. The daily chart outlook is more negative now so a break lower cannot be ruled out
and could target 277.00/90 then good support at 274.
Resistance at 283.00 could hold the topside today but a break higher could target yesterday’s
high at 284.00/10. Above here resistance at 285.15 & a high for the day likely. However above
here we meet further resistance with the 200 day moving average at 287.25.
By. Jason Sen