Technical Update - Brent Oil, Natural Gas, Carbon and Coal Technical Update - Brent Oil, Natural Gas, Carbon and Coal Technical Update - Brent Oil, Natural Gas, Carbon and Coal

Technical Update - Brent Oil, Natural Gas, Carbon and Coal

Commodities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

With the Brent Crude oil future testing the October 2021 peak at USD86.70/brl a strong bullish move could have come to a temporary halt.
A likely rejection could reverse the mood and initiate a 38.2 correction down to around USD80

However, regardless of a such a possible correction the medium term trend would still be up. There is no divergence on RSI indicating we could see Brent moving higher after a likely correction.

 

Source: Saxo Group

After the implosion of the Natural Gas bubble, Gas has seen strong resistance in bouncing back above the d USD 100/MWh mark. Last week there wasn’t even strength to get through the 55 SMA. It seems like we should expect Dutch Gas to be range bound between USD 65 and 100 for some time.

Source: Saxo Group

Carbon could be in the process of forming a corrective symmetrical triangle. Look out for break out of the likely patterns two trend lines. However, the most important level to look out for is the strong support at around EUR74. A break below could lead to a collapse in prices down to around EUR65-60.

If this is indeed a corrective triangle a bullish break out should be expected and new highs are in the cards.

Source: Saxo Group

 

For more than a year Rotterdam Coal has seen a steady decline. But that decline could be about to come to an end, at least short term. There is massive divergence over the past couple of months indicating Coal could be in an exhaustive bearish move and a rebound to EUR 60-65 could be imminent.  No bottom and reversal pattern is drawn however, but the down trend is weakening
Source: Saxo Group
Disclaimer

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 is not intended to and does not change or expand on this. 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 (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-hk/legal/disclaimer/saxo-disclaimer)

Saxo Capital Markets HK Limited
19th Floor
Shanghai Commercial Bank Tower
12 Queen’s Road Central
Hong Kong

Contact Saxo

Select region

Hong Kong S.A.R
Hong Kong S.A.R

Saxo Capital Markets HK is a company authorised and regulated by the Securities and Futures Commission of Hong Kong. Saxo Capital Markets HK Limited holds a Type 1 Regulated Activity (Dealing in securities); Type 2 Regulated Activity (Dealing in Futures Contract); Type 3 Regulated Activity (Leveraged foreign exchange trading); Type 4 Regulated Activity (Advising on securities) and Type 9 Regulated Activity (Asset Management) licenses (CE No. AVD061). Registered address: 19th Floor, Shanghai Commercial Bank Tower, 12 Queen’s Road Central, Hong Kong

By clicking on certain links on this site, you are aware and agree to leave the website of Saxo Capital Markets, proceed on to the linked site managed by Saxo Group and where you will be subject to the terms of that linked site.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

Please note that the information on this site and any product and services we offer are not targeted at investors residing in the United States and Japan, and are not intended for distribution to, or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. Please click here to view our full disclaimer.