Today’s technical forecast for Energy Futures

Brent continued lower to 112.70/60 where we predicted a floor & the low was 112.41, above our stop level of 112.30. There is a good chance of a rally through 113.16 resistance to 114.00 today.
We are in a down trend so this level could see selling pressure return but if we push on look for 114.97 where it is doubtful we can push any further.
112.60/40 should remain good support today but a break targets 111.96/72. This is strong Fibonacci support plus 100 day moving average & should attract buyers today so we look for a floor but just below here we have the 3 month uptrend line at 111.30.

WTI Crude Oil held support at 91.99/92 & resistance at 93.40 as expected. Watch for a high for the day here again today in this down trend but if we do continue higher we may reach 94.30/50 which should hold the move but if we break higher again we look for 95.29 & a potential selling opportunity.
Support at 91.99/92 may hold if retested with the very short term picture more positive for today at least. The daily outlook remains weak however & so an eventual break lower should target 91.58 which may provide a floor today. If we break 91.10 look for 100 day & 21 week moving average support at 90.90/80. Below here 200 day MA at 90.43 then the up trend line at 90.00 should be a buying opportunity at this stage.

Natural Gas hit resistance at 3.446/3.460 & topped out as expected falling back to the 3.385/377 target & support which nicely held the down side. Today we are retesting resistance at 3.460 & will need to push through 3.480 to keep the positive momentum going for 3.505/3.512 & possibly as far as 3.534.
Any profit taking should fill the gap at 3.435 & below here take us back to 3.385/377 which may hold the low again today, but below here look for 3.341/337.

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