Technical Update - Oil range bound. Gas building solid ground. Emission trying to get upside traction Technical Update - Oil range bound. Gas building solid ground. Emission trying to get upside traction Technical Update - Oil range bound. Gas building solid ground. Emission trying to get upside traction

Technical Update - Oil range bound. Gas building solid ground. Emission trying to get upside traction

Commodities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Brent and WTI Crude oil are range bound. Look out for break out direction
Dutch Gas seems to have found solid ground and is set for rebound
Henry Hub struggling to get upside traction

Despite breaking above the upper trend line in the falling channel Brent Crude Oil seems range bound between 92 and 98.75. Brent doesn’t seem to get traction. A daily close outside of these bands are needed for direction. However, a close below 92 there is support at 88.75. A close below that level the September low at around 83.65 is likely to be tested.
If Brent Crude closes above 98.75 there is upside potential to around 105.50 short-term.
Medium-term the trend is still down. RSI showing negative sentiment and if RSI closes back below 40 new lows in Brent could be seen.

Source all charts and data: Saxo Group

WTI Oil has broken sideways out of its falling channel like pattern and cannot really seem to get upside traction. QTI seems to be stuck between 82 and 93.65. A close outside either band is needed for direction.
A close below 82 WTI is likely to drop to around 75-74 i.e., taking out September lows.
A close above 93.65 strong resistance at 97 is being tested. 200 weekly SMA will provide resistance.
But if the bullish break out scenario is unfolding there could be room up to the 0.618 retracement at around 105.56

Dutch TTF Gas seems to have found solid ground after having traded sideways following break out from the Falling Wedge like pattern a couple of weeks ago. During the sideways move Dutch gas has formed a Double bottom like pattern that if Dutch gas closes above 147 will have potential to 1.618 -1.764 projection of the Double bottom pattern and 0.382 retracement of the Peak to trough of the wedge downtrend i.e., a price around €180-188.
This possible bullish scenario will be demolished if Dutch Gas slides back to close below 92.40.

Henry Hub Gas is struggling to get the rebound moving. In a single day’s spike Henry Hub was rejected at the 55 daily SMA around $7.20 and now seems without clear direction. A close above 7.20 is needed for buyers to believe in a new uptrend
If Henry Hub slides back to close below 58.54 October lows around 4.75 is likely to be tested.


Carbon Emission seems to have found support after a correction. Bouncing from around 70 the uptrend is likely to resume. RSI is showing positive sentiment and the uptrend resuming will be confirmed if RSI closes above 60. An uptrend that could take Emissions above October peak at 82.58
If sellers regain control and pushed Emission below 70 it could drop to support around 66.50


The Saxo 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 Inspiration Disclaimer and (v) Notices applying to Trade Inspiration, 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 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 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 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 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 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 (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Markets or its affiliates.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region


Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.