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 - EconoTimes)
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.
|
WTI |
-3.11% |
|
Brent |
-3.86% |
|
Natural Gas |
-1.08% |
