Commodities snapshot (energy)

Energy pack is trading in red today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI has bounced back last week from $56.7, strong dollar is suppressing bulls.
  
• WTI still remains vulnerable but might challenge the dojis.
  
  
• Target for the downside is coming around $50-51/barrel if doji high is not taken out at $62.7. A break above could push prices as high as $70/barrel.
  
  
• WTI is currently trading at $59.9/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65.

Oil (Brent) -

• Brent has moved higher similar to WTI, but in lag.
  
  
• Brent-WTI lost 20 cents today, currently trading at $5.1/barrel. Brent is at crucial support.
  
  
• Target is coming around $55/barrel, if the doji high is not taken out.
  
  
• However another doji has appeared in weekly chart, which is a bullish one.
  
  
• Brent is trading at $65/barrel. Immediate support lies at 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas dipped further as expected.
  
  
• Price has reached initial target of $2.62. Bounce back is possible. Next target is around $2.5/mmbtu. However selling at rallies are recommended.
  
  
• 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 $2.63/mmbtu. Immediate support lies at $2.45 area & resistance at $2.8, $3.04, $3.32.