WTI Crude Oil was predicted to sell off on Friday & we saw sharp losses for a retest of Feb lows at 95.06/94.97. We bounced just above here & with short term oscillators flashing over sold we could hold this support if tested again today. We are looking for a move towards resistance at 96.17, possibly 96.54 above. If we push higher we expect a high at 96.90/97.00, & are looking to sell in to shorts here with a stop above 97.50.
Longs need a tight stop below 94.70 however as the daily outlook remains weak & a break lower targets 94.20 then 93.80/70 & much better support below at 93.10/92.90.
Brent had a correction on Friday just as predicted testing 116.19 support and bounce from a low of 116.28. We have made it back to tough resistance at 118.04/15. This may prove unbeatable today & further losses are expected this week. However above here we have a gap to close & tough resistance at 118.42/51. If we manage to keep pushing higher we hit Feb highs at 119.12/17 which are expected to hold on a retest.
Support at 117.60/40 then 117.05/116.95 below. A move lower however risks another test of 116.28/19. Good chance of a low here again today with further strong support just below at 115.88/83.
Gasoil hit our target of 1000/999 as predicted. Here we exited shorts to buy in to longs in expectation of a low for this correction. This worked perfectly with a bounce off exactly 999.
So the range has been established from 1000/999 up to 1029/32. Resistance along the way is at 1011 then 1015 with 1019 likely to cap today. However above here look for 1024/25. A close above 1032 today is now needed to continue the bull run to 1037 then 2012 highs of 1045 where bulls could run in to a big obstacle.
Support at 1006 but below here risks another test of good support at 1000/99 and a bounce likely. Stops needed however below 996 for 989 as the next target.
Natural Gas has support around the 200 day moving average at 3.095/085. We also have daily & weekly Fibonacci support and mid Jan lows so this is an important level & we should bottom here. Worth exiting shorts & trying longs with a stop below 3.050.
Resistance today is seen at 3.172 but above here 3.200/202 looks unlikely to be broken. However if we do push higher look for 3.224, possibly 3.245/250 for an excellent selling opportunity.
March RBOB has embarked on the next leg of the bull run which should target 320 & probably as far as 323.89. We did find support at 310.18 as hoped on Friday but today we have support at 312.11 which should hold a slide. However below here 309.46 is likely to provide a floor & an excellent buying opportunity for today if tested.
Last week’s high of 316.39 is resistance but a break targets 320.50.