Today’s technical forecast for Energy Futures

WTI Crude Oil broke support at 96.44 towards our lower target of 94.90/80 which we expected to be a very good buying opportunity & a low expected & we bottomed just above at 95.04. We have seen a big bounce back to 96.99 and we need to exit those longs and try shorts with a stop above 97.50. A break here allows a run back up to 97.74 with 98.24 highs above.

We should hold 97.00 and fall back to 96.23 then 95.77. Below here we look for good support at 95.05/96.90 again today and a low potentially but be aware that a break lower confirms a bear-
ish topping pattern with 94.40 expected next then 94.05/90. Below here we should see 93.26 but do not be surprised to see 91.72 before we bottom out in the weeks to come.

WTI holds 97.00 & closing on 1st target 96.23 then 95.77 expected.

Nat Gas did not make it to 3.390/3.375 support and shorts have been stopped out above 3.445 as we look for continued strength to a target of 3.478. This should offer a good selling opportunity
today with a stop above 3.491. A break higher could then target 3.551.

3.390/3.375 is support if we drift lower. This may mark the low but a break could then target 3.350/45 then 3.310 today.

March Brent still 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.

Gasoil held Tuesday’s again hitting 1014/16 resistance & as predicted we did see a low at almost exactly 1003. Chance of a low here again today but if we continue lower look for 999 and then
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.

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