Technical Technical Technical

Technical Update - Henry Hub gas and Gasoline prices collapse. Dutch gas on the rise. Head wind for oil

Commodities 5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Brent Crude oil is once again testing rising trend line. A close below and more importantly a close below 107 is likely to fuel a sell off down to 101.30 possibly all the way down to key support at 96.75
To reverse this possible bearish scenario a close above 120.41 is needed

 

Source: Saxo Group

WTI has closed below rising trend line. Next key level is 101.53. A close below will confirm short term down trend that can take WTI  down to 92.93. Some support at 98.20.
To reverse this possible scenario a close above 114 is needed

Source: Saxo Group

Gasoline has confirmed down trend currently test key support at around 350. A close below is likely to push Gasoline to minor support at 330 but 300 is not unlikely. If Gasoline jumps back above the rising trend line it will merely just be in neutral state. To reverse the down trend a close above 395.60

Source: Saxo Group

Dutch TTF gas is in confirmed uptrend likely to move higher. To reverse the uptrend Dutch gas needs to close below 125

Source: Saxo Group

Henry Hub gas has experienced a total collapse from peak . Bouncing around 200 SMA downtrend is still intact and no divergence on RSI indicates we are to lower levels . However, expect a few days with sideways trading maybe even a minor bounce before selling pressure is likely to return. 
For the down trend to be reversed at close above 6.84 is needed.

Source: Saxo Group
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