Energy markets where defined by volatility last week as bulls and bears struggled for supremacy. At the moment weather and ample inventories continue to be market focus. There is room for another technical shake out in energies but look for any substantial pull back to be a buying opportunity as the United Nations Security Council begins to discuss further sanctions against Iran for refusing to halt uranium enrichment.
April Crude Oil
A close over $60.67 per barrel is needed to unleash another wave of buying keeping the bulls in firm control and targets $62.44. A dip below $57.05 is negative for the bulls and cautions for a correction back to $55.00.
March Heating Oil
Trade that is contained under $1.6935 per gallon should keep the bears in firm control. A close under last weeks low of $1.6053 is bearish and targets $1.5559. A close above $1.70 is needed to embolden the bulls and targets last weeks high of $1.7340.
March Rbob Unleaded Gas
The market is trending higher and a close above $1.65 per gallon targets $1.70 and keeps the bulls in firm control. Sideways trade should base for an attack over $1.65. A close below $1.5992 is needed to hurt the bull trend and send trade back to $1.55.
March Natural Gas
Last weeks failed attempt to push trade above $7.659 per mbtu hints at a turn to lower prices. A close above $7.659 emboldens the bulls for another run to test resistance at $8.00.
Ralph D. Preston IIIHeritage West Financial, Inc.Phone: 858-560-2646Toll Free: 800-263-3004Fax: 858-560-0704Email: rpreston@heritagewestfutures.comWebsite: www.heritagewestfutures.com
Past performance is not necessarily indicative of futures results.The risk of loss is present in trading futures and options.
