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Technical Update - Energy: Oil, Gas, Uranium, Emission

Commodities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Brent Oil has broken below rising trend line but still above key support at $96.75. RSI is above 40 threshold i.e. in positive sentiment indicating a bounce from current levels are likely.
If we see a daily close below key support at 96.75 some support at $90.00.

Brent D 8 apr
Source: Saxo Group

WTI closed below its rising trend line Wednesday but closed yesterday above support at $95.82 and more importantly above March low at 93.53.
RSI is still above 40 threshold i.e. in positive sentiment.

WTI D 8apr
Source: Saxo Group

Dutch TTF gas range bound between €95.00 and 133.00. RSI indicates break out is likely to be to the upside.

Dutch gas D 8 apr
Source: Saxo Group

Henry Hub Gas is within a few cents from testing 2021 peak at $6.466.  A correction should be expected starting next couple of days should be expected. However, there is no divergence on RSI indicating we could see higher levels above 6.466 after a likely correction.
However, historically $6.50 is a very strong resistance level. Looking at the monthly chart we can see how prices were knocked down the past two times.

Henry Hub 25 D 8apr
Source: Saxo Group
Henry Hub 25 M 8apr
Source: Saxo Group

Uranium (Sprott Physical Uranium Trust USD) yesterday moved higher in a steep rising trend. It could be a rising Wedge like formation. Divergence on RSI is building. If the Uranium Trust closes below $14.83 we are likely to see a correction down to around 13.75.

Uranium D 8apr
Source: Saxo Group

Carbon Emission still range bound between €75.00 and 81.50. Break out is needed for direction. RSI indicates it could be bearish. €81.50 is strong resistance.


Carbon D 8 apr
Source: Saxo Group


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