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.