Brent continued lower to 112.70/60 where we predicted a floor & the low was 112.41, above our stop level of 112.30. There is a good chance of a rally through 113.16 resistance to 114.00 today.
We are in a down trend so this level could see selling pressure return but if we push on look for 114.97 where it is doubtful we can push any further.
112.60/40 should remain good support today but a break targets 111.96/72. This is strong Fibonacci support plus 100 day moving average & should attract buyers today so we look for a floor but just below here we have the 3 month uptrend line at 111.30.
WTI Crude Oil held support at 91.99/92 & resistance at 93.40 as expected. Watch for a high for the day here again today in this down trend but if we do continue higher we may reach 94.30/50 which should hold the move but if we break higher again we look for 95.29 & a potential selling opportunity.
Support at 91.99/92 may hold if retested with the very short term picture more positive for today at least. The daily outlook remains weak however & so an eventual break lower should target 91.58 which may provide a floor today. If we break 91.10 look for 100 day & 21 week moving average support at 90.90/80. Below here 200 day MA at 90.43 then the up trend line at 90.00 should be a buying opportunity at this stage.
Natural Gas hit resistance at 3.446/3.460 & topped out as expected falling back to the 3.385/377 target & support which nicely held the down side. Today we are retesting resistance at 3.460 & will need to push through 3.480 to keep the positive momentum going for 3.505/3.512 & possibly as far as 3.534.
Any profit taking should fill the gap at 3.435 & below here take us back to 3.385/377 which may hold the low again today, but below here look for 3.341/337
Gasoil is testing 21, 55 & 100 week moving average support in the 957.45-952.94 band & has held on here. Today we look for a bounce back to 961.94 then 964.38 but there is scope for 968.40/970.44 on this correction higher. Here we should hit selling pressure so watch for a top.
A break below 951 is unlikely today but would target 948.47. This is good daily Fibonacci support with good weekly support at 945.42. Just below here the 8 month uptrend line is at 942 & 200 day moving average at 941.03 so this area should offer a good buying opportunity if seen this week.
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
