• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 18 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 16 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 10 hours Let's shut down dissent like The Conversation in Australia
  • 6 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 2 hours Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 3 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 1 day Saudis Buying Oil From Iraq
  • 6 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 16 hours Hong Kong protesters appeal to Trump for support.
  • 4 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 9 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 1 day Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 1 day Saudis Confirm a Cruise Missile from Iranian Origin
Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

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 of the Energy Markets - 20th March 2013

Gasoil continued the downtrend to test the low for 2012 at 897.00. This level is of major importance as it is also the 4 year trend line support and as such we could expect a low for the 6 week down trend here. We have suffered severe losses but are now oversold so it is too risky to continue to run shorts. If we are correct and the market does bottom here look for 906.40 this week & possibly 912.68. 

Longs will need a wide stop below 892 as this is such a major long term support area. A break then spells serious trouble for this market and could then target 884.75.

Gasoil Daily Update - 20.03.13

Natural Gas did not make it to 8.847 & surprised with a move back up through 3.966 to reach 3.976. However we have held below our stop loss level of 4.050 and could drift back to 3.924/917. Bears need the market back below here or we risk another move towards this week’s 
high. If we do continue lower, look for another test of 3.869/855 support & a good chance of a low for the day again. However a break of 3.834 could keep the pressure on for excellent support and a buying opportunity at 3.778/377. 

Resistance at 3.966/976 but shorts need a stop above 4.050 for 3.413/414 as the next upside target.

Natural Gas Daily Update - 20.03.13

WTI Crude tried to break 93.72/94 resistance but topped at 94.09 & fell all the way back to support at 92.18 bottoming out just below at 92.09. This marks the end of the bounce off the trend line at 89.33 and could signal another test of this trend line & 200 day moving average support at 90.50/20 in the days to follow. 

However for today we have resistance at 92.68 but above here we could make it to 93.02. Watch for a top here but if we push on through here we may reach 93.47/54. 

WTI Daily Update - 20.03.13

We have support at 91.82/76. With prices likely to come under further pressure we could break lower today for 91.40/28 but a good chance of a low here. Longs need a stop below 91.00 for 90.89/83 & possibly 90.52. 

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