Daily Technicals On Energy: WTI, Brent, Heating Oil
Eddie Tofpik | Mar 14, 2018 13:25
NYMEX WTI (Front Month Continuous)
A nice follow on lower to the previous Bearish Dark Cloud Cover Pattern which was anchored overhead at the recent 50% Fib resistance at 62.38. This resistance had halted any further recent rises. I still wish to draw your attention to the approaching feature (apart from the Triangle formation [62.33-59.96] that I've noted in recent days)...the rapidly rising Medium MA (currently 59.64). This is currently an underlying Bullish support....and one to watch. No follow on lower or reversion back up at this time today.
ICE BRENT (Front Month Continuous)
I pointed yesterday how as an attractor, especially on a closing basis '...this role seems to have been taken over yesterday evening by the combination of the recent 38.2% Fib of the recent move at 64.99 and the Medium MA (currently 65.12).'. I've just updated the MA number today. We've made a small Bearish Black Crow yesterday...little more than an Indecisive Spinning Top...but I'm taking into account the recent action for this. We're still about equidistant between Trendlines (66.08-62.94) so a Descending Triangle seems unlikely. Chance of a Double Bottom is not a clear Target at about 69.10 as the 2018 Downtrend (currently 66.08) may try to halt any rises.
NYMEX HEATING OIL (Front Month Continuous)
A small Bullish Harami...almost a Bull Hammer...after the Bearish Double Pattern. This negated the recent small Bear Flag attempt. Overhead, we've still the late Feb 50% Fib at 1.9011 congestion and the Middle Tine of the 2016-2017 mildly Bullish Schiff Pitchfork (currently 1.9069) plus we've the rapidly descending Upper Tine of the recent Bearish Schiff Pitchfork (currently also 1.9069). Underneath, we've the ominous support presence of the rising Lower Tine of the 2016-2017 Andrews Pitchfork (currently 1.7924) and Long MA (currently 1.7850). Even rising they're still far away, so watch the recent 1.8084 Key Reversal low indicator.
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NYMEX RBOB (Front Month Continuous)
I mentioned about `...some issues...' with the 'possible' Bullish Hammer '...that was in the wrong place.' yesterday. Well, things just got a little more complex. Yesterday, we've had a Bearish Key Reversal Down on the Daily Chart...and there is more...we've not followed on any further lower so far. We only just managed to come down and 'try to fill in the changeover Gap down to 1.8341 but failed...again...so far. Topside's still the 1.9534 resistance and last Wednesday's Key Reversal Down high at 1.9486.
ICE GAS OIL (Front Month Continuous)
What a treacherous market! After the previous Bullish Dragonfly Doji we expanded the ranges yesterday but still kept within appropriate support and resistance's before finally...and surprisingly...forming a Bearish Key Reversal Down. We'd broken the 2018 Uptrend (currently 568.25) but failed to close below it. We did close below the key recent 50% Fib at 570.25 and we've been capped appropriately with the Medium MA (currently 578.00) and recent 38.2% Fib at 577.50. However, today...no follow through so far. We're indeed...back over the 50% Fib. Recent action puts us in the doldrums and is being captured by the recent 38.2% - 61.8% Fib (577.50-562.75) and using the 50% as a closing attractor.
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