Products
Platforms
Accounts
Inspiration
About
Support
Institutional
Log in Open account
Switzerland
CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.97% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred.
Show more
CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.97% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
Show less
Technical Update - WTI and Brent Crude oil trying to build uptrends. Henry Hub gas crawling higher with Dutch gas struggling

Technical Update - WTI and Brent Crude oil trying to build uptrends. Henry Hub gas crawling higher with Dutch gas struggling

Commodities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  WTI and Brent crude oil bouncing from retracement level. Can the establish bullish trend or be failing once again?
Henry Hub gas established uptrend, but it is fragile with Indicator not confirming. Will It slide back?
Dutch Gas bouncing from strong support but strong resistances overhead

WTI Crude oil bounced off the 0.786 retracement at 69.52 and currently testing the 0.618 retracement, close to testing the upper falling trendline. If that scenario plays out followed by a close above 76.18 an uptrend has been confirmed with a likely move to 1.382 projection at 78.81, possibly spiking up to test the strong resistance at around 79.11

An RSI close above 60 will confirm a bullish scenario

If WTI is failing to confirm uptrend and instead sliding back below 69.29 bearish trend is resuming
Source all charts and data: Saxo Group

Brent Crude oil retraced almost 0.786 of the late December bullish move. Currently testing the 0.618 retracement the upper falling trendline could very well be tested.
A break above is likely leading to a move to December peak at around 81.72. A close above is likely to push Brent to the 1.382 projection at around 81.30

An RSI close above 60 will confirm a bullish scenario

If Brent is sliding back taking out 74.81 selling pressure is likely resuming pushing Brent to test 72 once again

Dutch TTF Gas has bounced off support at around 30.50. However, whether the Gas contract can establish a bullish trend is still up in the air. Minimum requirement is for Dutch Gas to close above 37.60.

A break above the upper falling trendline would be first indication of the strong resistance at 37.60 is to be tested
A daily close above 37.60 is likely to push the Gas price higher towards 40.25 possibly spiking to around 43.

If Dutch gas breaks back below 30.50 a sell-off down to around 22.85 is in the cards

Henry Hub Gas is currently testing the 0.382 retracement of the October-November sell-off at 2.77. An uptrend has been established and if RSI is also closing above 60 threshold it will further be confirmed with likely higher gas prices to follow.
Next strong resistance at around 2.95.

The declining 55 and 100 DMA’s will add to the overhead resistance.

If Henry Hub gas is failing is failing to close above 2.77 combined with RSI failing to close above 60 the gas contract is likely to slide back to the 2.50 area. A close below 2.41 bear trend is resuming 

Quarterly Outlook

01 /

  • Upending the global order at blinding speed

    Quarterly Outlook

    Upending the global order at blinding speed

    John J. Hardy

    Global Head of Macro Strategy

    We are witnessing a once-in-a-lifetime shredding of the global order. As the new order takes shape, ...
    Read full article
  • Equity outlook: The high cost of global fragmentation for US portfolios

    Quarterly Outlook

    Equity outlook: The high cost of global fragmentation for US portfolios

    Charu Chanana

    Chief Investment Strategist

    Read full article
  • Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Quarterly Outlook

    Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Jacob Falkencrone

    Global Head of Investment Strategy

    Read full article
  • Commodity Outlook: Commodities rally despite global uncertainty

    Quarterly Outlook

    Commodity Outlook: Commodities rally despite global uncertainty

    Ole Hansen

    Head of Commodity Strategy

    Read full article
  • Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    Quarterly Outlook

    Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    John J. Hardy

    Global Head of Macro Strategy

    Read full article
  • Equity Outlook: The ride just got rougher

    Quarterly Outlook

    Equity Outlook: The ride just got rougher

    Charu Chanana

    Chief Investment Strategist

    Read full article
  • China Outlook: The choice between retaliation or de-escalation

    Quarterly Outlook

    China Outlook: The choice between retaliation or de-escalation

    Charu Chanana

    Chief Investment Strategist

    Read full article
  • Commodity Outlook: A bumpy road ahead calls for diversification

    Quarterly Outlook

    Commodity Outlook: A bumpy road ahead calls for diversification

    Ole Hansen

    Head of Commodity Strategy

    Read full article
  • FX outlook: Tariffs drive USD strength, until...?

    Quarterly Outlook

    FX outlook: Tariffs drive USD strength, until...?

    John J. Hardy

    Global Head of Macro Strategy

    Read full article
  • Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Quarterly Outlook

    Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Althea Spinozzi

    Head of Fixed Income Strategy

    Read full article

Content disclaimer

The information on or via the website is provided to you by Saxo Bank (Switzerland) Ltd. (“Saxo Bank”) for educational and information purposes only. The information should not be construed as an offer or recommendation to enter into any transaction or any particular service, nor should the contents be construed as advice of any other kind, for example of a tax or legal nature.

All trading carries risk. Loses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money.

Saxo Bank does not guarantee the accuracy, completeness, or usefulness of any information provided and shall not be responsible for any errors or omissions or for any losses or damages resulting from the use of such information.

The content of this website represents marketing material and is not the result of financial analysis or research. It has therefore has not been prepared in accordance with directives designed to promote the independence of financial/investment research and is not subject to any prohibition on dealing ahead of the dissemination of financial/investment research.

Please refer to our full disclaimer and notification on non-independent investment research for more details.
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-ch/legal/disclaimer/saxo-disclaimer)

Saxo Bank (Schweiz) AG
The Circle 38
CH-8058
Zürich-Flughafen
Switzerland

Contact Saxo

Select region

Switzerland
Switzerland
Products & pricing
Platforms
Accounts & service
General
Other
Legal

Losses can exceed deposits on margin products. Please ensure you consult our Risk Warning before you start trading and you understand the risks.

All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.