Daily Technicals On Energy: WTI, Brent, Heating Oil
Eddie Tofpik | Mar 06, 2018 11:56
NYMEX WTI (Front Month Continuous)
A follow on to the possible Pipe Bottom mentioned yesterday with a first close back up over the recent 50% fib at 61.38. We've furthe support at 60.13 & 59.98 but suspect better starts from near the Medium MA (currently 59.06) and the Lower Tine of the Schiff Pitchfork of the same move (currently 58.83). Topside we've the late Feb high at 64.24. Finally, the chances of the whole recent action being a form of Bearish Halfway Hesitation with a Target in the 55.50 area whilst not dead...are greatly diminished.
ICE BRENT (Front Month Continuous)
We've filled the upside Gap as a follow on to the previous possible Pipe Bottom and we've closed back up over the Medium MA (currently 64.70) which is now support. Prices yesterday halted ahead of the next resistance...which is seemingly quite reasonable—the recent 50% Fib at 66.19. Today we've also been careful not to follow on higher so far. The idea we may have a large Bearish Halfway Hesitation/Bear Flag Formation (possible Target...59.20 area) is diminishing at this time.
NYMEX HEATING OIL (Front Month Continuous)
A Doji...lndecisive but tending to Bullish as we 'just' closed over the Middle Tine of the 2016-2017 Schiff Pitchfork (currently 1.8958). We've gone back below the Tine today so far...so we might look at it as resistance. The chances for a Bearish Halfway Hesitation/Bear Flag on the 2018 action and Targeting the 1.6800 area are diminishing. Topside resistance is still the recent 50% Fib at 1.9757. Keen support's at the coincidence of the Lower Tine of the 2016-2017 Andrews Pitchfork and Long MA both around 1.7750.
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NYMEX RBOB (Front Month Continuous)
Second Bullish White Soldier (if you can regard yesterday's somewhat Indecisive Spinning Top as a White Soldier). Support is significant at the Aug—Oct 2017 50% Fib at 1.8540 and then the recent 50% Fib at 1.8027. Topside resistance is best at the 2018 high at 1.9537 with limited pressure thereafter until 2.0140. Overall, MAs indicating a continuing gradual ascent with the chief initiators being the Long MA (currently 1.6849) and the Feb 2016-to -date Uptrend below the market at 1.6543.
ICE GASOIL (Front Month Continuous)
No follow through to yesterday's Bearish Harami and closes under the Medium MA (currently 575.50). Instead we moved up to test the Medium MA resistance...failed...but closed over. Today we seem to be trying up there again. Chances for a Bearish Halfway Hesitation/Bear Flag based on 2018 action and Targeting the 512.50 is diminishing. Good support's at the 2018 low of 539.25 but stronger between 527-514 made of the Long MA, 50% Fib of the 2017 move and the Lower Tine of the 2016-2017 Bullish Andrews Pitchfork. Resistance's at the recent 50% Fib at 584.75.
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