Brent Crude did push on for 105.31 & made a high for a high for the day exactly here as predicted. We are overbought now & should see some profit taking after 4 days of gains but if we continue higher look for a retest of 105.95/106.05 May highs. This should hold again this week so we could exit longs & try shorts with stops above 106.50 for a test of March lows at 106.80.
Immediate support is at 104.40/30 so a break below here should trigger sell orders & keep the market under pressure for 103.85/75. This should hold the downside so worth profit taking on shorts, but a break lower should see 103.25 & possibly good support at 102.70/50.
WTI Crude did keep up last week's momentum for a test of May highs at 97.17 but we are overbought and failed here. We expect some profit taking now & perhaps a drift lower to 95.50. If we continue lower look for good support at 94.50/40 & a buying opportunity with stops below the 100 day moving average at 93.90.
Above 97.17 however we hit 3 month trend line resistance at 97.53 & April highs at 97.80. We should fail with in this 97.17/80 band but will need stops above this year's high of 98.24.
RBOB Gasoline is holding below the 100 day moving average, which is at 293 today. We are now overbought & could head lower towards support at 289/87 from the 200 day moving average & this did in fact hold the downside yesterday, but below here today we could see 283.60/282.50 tested to take profit on any remaining shorts.
We can use 291/92 for a selling opportunity again today with stops above the 100 day moving average at 293. A break higher then targets 294.91, possibly 297.76.
Natural Gas did break above 4.097 to take us up towards 4.163. We did struggle in this area & make a high for the day exactly as predicted but if we push on today we could reach 4.230/250.
We are overbought short term so exit longs & try shorts here with stops above 4.275.
Failure to hold above yesterday's low of 4.063 however meets good support at 4.034/015 & a low for the day possible here.
Gasoil unexpectedly beat 882.75/883.75 with resistance at 889.35 today. We should struggle here so watch for a high for the day but shorts need stops above 893 for a test of resistance at 898.
We are overbought so there is a risk of profit taking. A drift lower to support at 875.65/25 is possible but below here we should find a buying opportunity at 870/869 with stops below 866.50.
(Click to enlarge.)
By. 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
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