Market Overview

Today's Technical Forecast for Energy Futures

 

Forecast for 31st January 2013
 
March Brent Crude beat resistance of 114.50 hitting the next target and tough resistance at 115.13. We see a risk of profit taking here as stated and we topped out just above at 115.25.
 
Failure to break above 115.25 should see a drift back to 114.58 and if we continue lower look for 114.17. Below here we have very good support for the day at 113.87/83 and would expect to see a low if tested. Any longs however need a stop below 113.50 for 113.03 which could mark the low for a correction if seen.
 
Resistance remains in the 115.13/25 area and should be a tough obstacle again today. However a break higher should then see us on the way to 115.91/116.02. Go with a break above 116.20 then for 117.02.
 
 
Forecast for 31st January 2013
 
Gasoil has reached our upper target of 994.25 and continued higher to 995.50. A push through here should see us on the way to 1001.50 and tough resistance here in an overbought market may see us top out for the time being.
 
If however we start to drift lower look for support at 988.54 then 984.90/30 below which should hold the downside.
 
 
Forecast for 31st January 2013
 
Nat Gas made it through resistance at 3.300/310 as we look for the next target of 3.374/386. It looks like this could cap the market today but if we manage a push through this resistance we should close the gap towards 3.426 and top out here. 
 
There is a little support at 3.310 today but below here look for 3.258/240 which may hold the downside but a break targets the week’s low at 3.215/207. Below here we hit strong support from the 5 month trend line at 3.175 which should see us bounce but a break could keep the pressure on for 3.122 then 3.087.
 
 
Forecast for 31st January 2013
 
WTI Crude Oil tried to break tough resistance at 97.75/95 but with the market heading in to over bought territory we only reached 98.24 before pulling back. We could now see some profit taking from here today with support at 97.46/34 then 96.98/92. Should be worth exiting shorts here as a big drop is not expected but stops needed on any longs below the 9 day moving average at 96.52 as this risks a test of the next a support at 96.21/10 and a good buying opportunity.
 
97.75/95 resistance should remain a struggle and could cap again today. However go with a break through 98.25 for 98.58 and above here, 99.52 looks achievable.

Posted-In: Futures Technicals Commodities Markets Trading Ideas

 

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