Today’s technical forecast for Energy Futures

Forecast for 1st February 2013

March Brent Crude beat resistance at 115.13/25 area and shot straight to our next target at 115.91/116.02.
We have so far topped at exactly 115.91 but be ready to go with a break above 116.20 today for our next target of 117.02.

Support at 115.24/15 could hold any profit taking but below here look for 114.57/49

Gasoil fell back to 984.90/30 support which we predicted would hold the downside and we bottomed at
984.75. We have continued higher now, through 995.50 as we head towards our next target of 1001.50/1008
and tough resistance here in an overbought market may see us top out for the time being.

Look for support at 994.50/994.00 then 987 below which could hold any profit taking.

Nat Gas tested 3.258/240 support which we said may hold the downside and the low of the day was in fact
3.243. We then shot higher to hit our target of 3.374/386 over running slightly to 3.395 but this did cap the
market as predicted but if we manage a push through this resistance today we should close the gap towards
3.426 and top out here. Wee exit any longs and try shorts with a stop above 3.445.

There is a little support at 3.310 today which is holding so far but below here look for 3.258/240 which may
hold the downside once again. However a break targets the week’s low at 3.215/207. Below here we hit
strong support from the 5 month trend line at 3.185 which should see us bounce but a break could keep the
pressure on for 3.122 then 3.087.

WTI Crude Oil tried to break tough resistance at 97.75/95 but only reached 98.04 as we hit our 96.98/92 target as expected, to exit shorts and buy in to longs and the low of the day was in fact 96.84.
We need to exit longs any where near 97.75/95 resistance which is holding the bounce so far and should remain
a struggle. We can try shorts from here up to 98.25 with a stop above 98.35 for 98.58 and above here,
99.52 looks achievable.

Another test of 96.92/84 support looks likely with the outlook starting to weaken. We have not closed below
the 9 day moving average, today at 96.69, since mid December so stops needed on any longs below here as a
break risks a test of the next a support at 96.21/10 and a good buying opportunity. Keep stops tight as a break could then target 95.44.

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. has established itself as the leading provider of... More