Today’s technical forecast for Energy Futures

Natural Gas went for a test of 3.320/328 where we predicted a high & we fell just a fraction short at 3.313. We are now testing support at 3.250 but we do expect a break lower for 3.20 then below here there is little to stop a retest of February lows at 3.140/125. Just below at 3.010/085 is 200 day MA, daily & weekly Fibonacci support & mid Jan lows so we should bottom here. Worth exiting shorts & trying longs with a stop below 3.050.

Any bounce should be a selling opportunity with resistance at 3.290 & 3.313.

Gasoil broke lower as predicted to hit 991/989 support with an exact low at 990. We are building downside momentum now & we could expect prices to continue lower today. A break of 989 targets 981/979 which could offer an excellent buying opportunity with a low for the correction expected here.

Any bounce is seen as a selling opportunity with 998/999 likely to cap. Above here however 1001/1002 and 1006/07 offer further tough resistance.

March RBOB failed at our first obstacle of 312.50 topping at 312.39. The break of 306/305 is a surprise but this level should now act as resistance. Next support is 302.36/301.50 and a low possible here today. However a break targets 298.90/298.60. If we cannot bounce from here look for 293.35/00 & what should be a very good buying opportunity with a low here expected this week if tested.

A push above 307 could allow a test of 309/310 resistance.

Brent has failed at 117.60/40 resistance as the outlook weakens. We have broken 115.88/83 & should now head for 114.38 with a break lower possible & should target 113.67.

Any bounce is seen as a selling opportunity with 115.80/90 a possible high for the day but above here we would be selling or adding to shorts up to 116.60/70 with a stop above 117.00.

WTI Crude Oil hit our expected high at 96.90/97.00 for the March contract as we sold in to shorts. We have been building a topping pattern for 3 weeks now & yesterday we broke the base of this pattern. This should mean that prices are about to collapse further with 92.85/82 our first target for the April contract. Levels to look for along the way are 93.90/80 & 93.20/10.

Any bounce is a selling opportunity with resistance at 95.26. Unlikely we push any higher but a break targets 95.91. We would sell short or add to shorts here with a stop above 96.50.

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