Today’s technical forecast for Energy Futures

March Brent held above 114.71 and unexpectedly broke 115.92 continuing higher through 116.55 to reach 117.23. However we have not managed a close above last week’s high of 117.07 and could see a drift lower to 116.14 now. The market looks very over bought so a break lower is possible for 115.50/40 but good support here could hold the downside. Any longs will need a
stop below 114.90 for 114.40/25 as the next support area.

117.07/23 is resistance but a break through here targets 2012 second half highs at 117.95. With the market so overbought this should hold the top side and offer a selling opportunity but stops
needed above 118.40. We could then stretch to 119.80/120.00.

Nat Gas has broken resistance at 3.374/386 closing the gap towards 3.426 and we have topped out here as predicted. We exited longs and tried shorts with a stop above 3.445 and so far this
trade is working as we look to take profit towards 3.390/3.375 support. This may mark the low but a break could then target 3.350/45 then 3.310 today.

A break above 3.445 however signals continued strength to a target of 3.478. This should offer a good selling opportunity today with a stop above 3.485.

Gasoil got closer to 998.50 support then rocketed higher from 999 to beat 1008 resistance as predicted, hitting out next target of 1014/16. We advised to watch for profit taking here and the
chance of a small pullback and we topped at exactly 1015 pulling back to 1010/08 support so far, but below we could see 1003 today. Chance of a low here but if we continue lower look for 999
to exit any remaining shorts. We can try longs down to 997.25/996.50 expecting a bounce with a stop below 995.

1014/16 remains tricky resistance but if we break higher we should then close a gap at 1021.

WTI Crude Oil reached for 96.90/97.00 where we tried shorts with a stop above 97.35 and this trade is working well with prices topping at 97.07. Support today at 96.44 but we could break
below here for a retest of Monday’s low of 95.89 for profit taking on our shorts. However be aware that a break lower will confirm a head & shoulders top with last week’s low and the 21 day
moving average at 95.45/35 then the target of 94.90/80 expected to be tested. This should be a very good buying opportunity today with a low expected if we fall this far but later in the week
93.85 looks achievable.

A break above 97.40 should trigger stops on shorts for a run back up to 97.74 with 98.24 highs above.

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