Today’s technical forecast for Energy Futures

Nat Gas is testing 3.380 and below 3.365 we could see a move towards good support for the day at 3.300/3.258.

Resistance at 3.399/3.414 could hold the topside if we see a bounce today but a break above 3.435 could allow continued strength back up to 3.491/3.513.

Gasoil last week failed just below our next target of 977.08/979.19. We could try for this today but this is very tough resistance and with the market starting to look over bought, this area should trigger profit taking for the week. However if attempting
shorts we need a stop above 981.25 for 982.75 then 989.25 in to next week.

Support at 968/967.25 was test on Friday and we held on here as we bottomed at 967.00, but we are just breaking the one month up trend line, so below here today we could see 964/963.50. A break below 961 however could target very strong support at 657.95/956.65 for a buying opportunity.

WTI Crude Oil last week held within quite a narrow range from 94.95 up to 96.80/92.

A move towards 96.80/92 could offer a selling opportunity therefore. A break above 97.30 however triggers stops on shorts and keeps the 6 month bull running towards 97.75/95 then 98.58. Above here 99.52 looks achievable.

Below 96.00 could target 95.45/40. This is good support and we could bounce from here. However any longs need a stop below 95.25 for 95.00 and possibly further losses towards 94.55/48. Unlikely we fall any further today so watch for a low here but if we break below 94.30 we could be on the way to 93.90/75 next.

March Brent Crude has support at 113.04 today but below here 112.55/49 should provide a good buying opportunity as we look for a low for the day. However stops on longs needed below 112.10 for 111.776/66 where we would be attempting longs with a stop below 111.40.

Resistance from last week’s high is at 113.84 but a break higher in this steady bull run then targets 114.31/50 to fill a small gap from October. Above 114.72 we could then push on towards 115.91/116.02.

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