Commodities snapshot (energy)

Energy pack is consolidating with downside bias. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI has broken below $58 interim resistance and bounce back was halted at $59 level today.
  
  
• WTI carving several bearish doji in weekly chart and in daily chart. Further downside remains open if doji high is not taken out.
  
  
• WTI chart shows that prices might be curving a top. Further downside is likely.
  
  
• WTI is currently trading at $58/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent is a bigger loser today than WTI as OPEC keep producing crude at record levels.

• Brent-WTI lost 100 cents today, currently trading at $5/barrel.

• Brent is trading at $63/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas has bounced back from $2.78 support, however rally was halted at $2.92.
  
  
• 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 $2.85/mmbtu. Immediate support lies at $2.78, $2.68 area & resistance at $3.04, $3.32.