Energy Markets Summary for Aug 07, 2020


Energy Markets Technical Analysis Market Overview Report for Aug 07, 2020 | by Techniquant Editorial Team

Highlights

NATGAS finds buyers again around 2.140
HEATOIL breaks back below 20-day moving average
GOIL closes lower for the 2nd day in a row
GASOLINE finds support at 50-day moving average
CRUDE breaks below Thursday's low

Summary

With four out of the five Energy Markets closing lower today, the ones that stand out on the negative side are HEATOIL losing -2.09% and GOIL closing -1.68% lower. On the flipside the best performer has been NATGAS closing 3.09% higher.

One of today's most interesting market conditions in the Energy Markets showed up in HEATOIL: Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Heating Oil. Out of 250 times, HEATOIL closed lower 55.20% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 52.80% with an average market move of -0.85%. Read more

Energy Markets Overviews

NATGAS 3.305 0.099 (3.09%) NATGAS finished the week 24.17% higher at 2.255 after gaining $0.099 (4.59%) today. Today's close at 2.255 marks the highest recorded closing price since May 5th. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more
HEATOIL 1.2618 -0.0270 (-2.09%) Moving lower for the 2nd day in a row, HEATOIL finished the week -0.46% lower at 1.2245 after tanking $0.0270 (-2.16%) today. Today's close at 1.2245 marks the lowest recorded closing price since July 1st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 1.2465, the market confirmed its breakout through the previous session low after trading up to $0.0291 below it intraday. Read more
GOIL 380.75 -6.50 (-1.68%) Moving lower for the 2nd day in a row, GOIL ended the week 0.82% higher at 370.50 after losing $6.50 (-1.72%) today. Closing below Thursday's low at 375.75, the contract confirmed its breakout through the previous session low after trading up to $8.00 below it intraday. Read more
GASOLINE 1.1079 -0.0185 (-1.64%) GASOLINE finished the week 3.02% higher at 1.2135 after losing $0.0185 (-1.5%) today. Closing below Thursday's low at 1.2139, RBOB confirmed its breakout through the prior session low after trading up to $0.0183 below it intraday. Read more
CRUDE 42.34 -0.37 (-0.87%) Moving lower for the 2nd day in a row, CRUDE ended the week 2.89% higher at 41.60 after losing $0.37 (-0.88%) today. Closing below Thursday's low at 41.61, the market confirmed its breakout through the previous session low after trading up to $0.55 below it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Henry Hub Natural Gas (NATGAS) as at Oct 22, 2020
Oct 22, 2020
Daily technical analysis candlestick chart for Crude Oil (CRUDE) as at Oct 22, 2020
Oct 22, 2020
Daily technical analysis candlestick chart for RBOB Gasoline (GASOLINE) as at Oct 22, 2020
Oct 22, 2020
Daily technical analysis candlestick chart for Gasoil (GOIL) as at Oct 22, 2020
Oct 22, 2020
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