Today’s technical forecast for Energy Futures

WTI Crude Oil tested 95.12/94.95 which acted as good support as predicted. We are holding below last week’s high of 96.04 being over bought on daily and short term charts but we are in a solid two month uptrend. A retest of tough resistance at 96.04/17 is possible today but we need to break 95.60/65 first. Go with a break through 96.25 looking for the next target at 96.92. Here we exit all longs and try shorts with a stop above 97.30.
We could come under pressure today to ease the over bought oscillators. Another test of 95.12/94.95 support is therefore possible and we cannot rule out a break below here looking for the one month trend line and 2 week 38.2% Fibonacci support at 94.40/30. Exit shorts here and buy in to longs with a stop and reverse in to shorts below 94.00. We then look to cover shorts and buy in to longs again down to excellent support at 93.48.

Nat Gas has broken through 3.626 as we look now for the next target of 3.684 to take profit on some longs, but there is scope for a move as high as 3.744 this week. We exit all remaining longs here and sell in to shorts with a stop above 3.770 Support seen at 3.608 then in the 3.585/3.579 band below where we meet last week’s high. We will exit any shorts and buy in to longs here with a stop below 3.560.

Gasoil has opened above recent highs at 964.50/966.00 signalling another leg higher now, towards 972.25/972.75 then 974.00. A push through here is possible later in the week to keep the momentum going for a test of tough resistance at 977.08/979.19 which should trigger profit taking.
We have good support at 965.00/963.50 now which could hold a slide today but failure here could then see prices dipping to 960.10. If we were to fall as far as 957.50/957.15 this would present an excellent buying opportunity where we meet the 100 day moving average, two week uptrend line and short term Fibonacci support.

March Brent Crude has made it above 112.00 breaking the 9 month down trend as we look for the next target of 112.47. A push through here then takes us to 112.90 on the way to this month’s high at 113.29.
112.00/111.85 is support and we could hold above here today but a break lower then risks a drift lower to 111.40/35. Look for a low for the day if this level is seen to exit any shorts, buy in to small longs and average in to more longs down to the 100 day moving average and Fibonacci support at 110.92.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More