Technical Update - Energy: Oil, Gas, Uranium, Emission
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.
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.
Dutch TTF gas range bound between €95.00 and 133.00. RSI indicates break out is likely to be to the upside.
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.
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.
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.
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.