Commodities snapshot (energy)

Energy pack started the week in back foot. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI traded as high as $60, however failed once more to clear above. Not much move is expected today as major markets are closed.
  
• WTI carving several bearish doji in weekly chart and very bearish grave stone doji in daily chart. Further downside remains open if doji high is not taken out. RSI is also around 50 level resistance.
  
  
• WTI chart shows that prices might be curving a top.
  
  
• WTI is currently trading at $59.3/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65. $58 may continue to provide interim support.

Oil (Brent) -

• Brent is better performer today. After initial drop against WTI, Brent gained ground.

• Brent-WTI gained 30 cents today, currently trading at $6/barrel. Brent might do well compared to WTI this week.

• Brent is trading at $65.3/barrel. Immediate support lies at $63.7-63.2, 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas dropped further today, after last week's massive selloffs. Further down is likely, however price is now nearing key support, which will decide on the fate of the recent rally.
  
  
• Price target for bulls are coming
  close to $3.5/mmbtu, should support at $2.45 holds. Averaging it as low as possible would diminish risk.
  
  
• Natural Gas is currently trading at $2.84/mmbtu. Immediate support lies at $2.78 area & resistance at $3.32.