Today’s technical forecast for Energy Futures

WTI Crude Oil hit our first target for the April contract of 92.85/82 & bottomed only a little lower at 92.63. We expect the bounce to continue over the next 2 session to target 93.92 & then 94.72. This is only a correction in what should be a developing down trend & therefore we may want to exit longs here. If we manage to push any higher we can test trend line resistance at 95.15, possibly Fibonacci at 96.02.

Support at 92.80/60 could be expected to hold again today but longs need a stop below 92.40 as we can then target 91.99 & possibly 91.52/30.

Brent collapsed as predicted to hit the target of 113.67 & we continued just a little lower to 113.32. Today we expect a bounce & above 114.31 we should target 114.69. This could be a problem & take a while to overcome but eventually we should push on for 115.40/60. This should hold a bounce over the next 2 session so we will be looking to enter shorts here with a stop above 115.95.

Good support in the 113.65/35 band is expected to hold the downside today but if we do break lower look for 113.07 then 112.70/60. Here we should see a floor but longs need a stop below 112.30.

Gasoil continued lower as predicted to hit our target of 981/979. We expected this to offer an excellent buying opportunity with a low for the correction expected here. We did over run slightly to 976 but have bounced as hoped. We expect to see run back up to 989/990 today & here we may top out for the weekend but if we can push higher look for 998/999. This should cap the bounce with the longer term picture looking negative now & a sell off expected again next week.

The 980/77 band is expected to hold again today if tested but a break should pressure for 971. Below here we have excellent support at 966/964.

Natural Gas finally hit the 3.320/328 target where we predicted a high & we topped just above at 3.337. We are now below 3.250 & expect a test of 3.20. 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 targets resistance at 3.290 & 3.313.

March RBOB hit the target of 298.90/298.60 & bounced. If we can hold above 305 we look for 307.35 & possibly 309/310 but doubtful we can push any higher on this bounce. The daily picture has turned negative & we could expect a heavy sell off next week after this rally.

Support at 305 then 303/302 but below here a retest of 300/298 support & low again today is very possible. If we cannot bounce from here however look for 293.35/00 & what should be a very good buying opportunity with a low here expected this week if tested.

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