Technical Update - Crude oil struggling for upside momentum. Henry Hub gas uptrend exhaustion? Dutch gas at key support Technical Update - Crude oil struggling for upside momentum. Henry Hub gas uptrend exhaustion? Dutch gas at key support Technical Update - Crude oil struggling for upside momentum. Henry Hub gas uptrend exhaustion? Dutch gas at key support

Technical Update - Crude oil struggling for upside momentum. Henry Hub gas uptrend exhaustion? Dutch gas at key support

Commodities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

WTI Crude oil spiked Friday higher above its upper falling trend line only to be rejected at the 55 declining Moving Average and at the 0.786 retracement to close just around the falling trendline.
WTI needs to close above 76.18 to establish a bullish trend. However, strong resistance at around 79.77

The sentiment is negative as illustrated by the RSI not having closed above 60 threshold. The indicator is forming a symmetrical triangle like pattern and break out form that could tell us about the likely direction for WTI. A close above its falling trendline WTI is likely to trade higher.
A close below its lower rising trendline downtrend is resuming for WTI, with potential to 67 level
Source all charts and data: Saxo Group

Brent Crude oil is drawing almost similar technical picture as WTI. Reject at the 0.786 retracement and the 55 Moving Average, now back below its upper falling trendline

RSI forming symmetrical triangle where break out direction will indicate the trend for Brent oil.
A bullish break out there is minor resistance at 81.72 and stronger resistance at around 84.76

A bearish break out Brent is likely to resume downtrend towards 72.50

Henry Hub gas is in a bullish trend but now struggling to close above the 0.786 retracement at 3.34

A third attempt should not be ruled out and if closing above November 2023 peak and strong resistance at 3.64 is likely to be tested.
If sliding back to close below 2.94 the bullish picture is likely to be reversed with potential down to the 0.618 retracement at 2.67

Dutch TTF Gas is not benefitting from the cold weather in Northern Europe. A close below EUR30  next support at 26.80 and 22.85

For Dutch gas to getting any upside potential a bullish break of its upper falling trendline is needed. If that occurs a move to 37.50 could be seen
However, RSI is in negative sentiment indicating likely lower gas prices below EUR30


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

Saxo Markets
40 Bank Street, 26th floor
E14 5DA
United Kingdom

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo Markets is a registered Trading Name of Saxo Capital Markets UK Ltd (‘SCML’). SCML is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo Markets assumes no liability for any loss sustained from trading in accordance with a recommendation.

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. Android is a trademark of Google Inc.

©   since 1992