Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Chief Macro Strategist
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Technical Update - Energy
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Despite the volatility in Energy prices Oil still holding on above Key supports. Dutch Gas range bound in a wide range, look at intra day charts. Henry Hub Gas likely to continue uptrend
Brent Oil is trading above Key support at around $96.75. If trading below we are likely to see Brent testing 90 level.
RSI still showing positive sentiment being not having broken below 40 threshold. However, to resume uptrend Brent needs to break above 114.85.
Almost identical picture in WTI $93.50 seems to be the Key support. Break below WTI could drop to $88-85. It needs to move above 109.85 to resume uptrend
TTF Dutch Gas has been range bound in a large band between €89 and 132.75. One should resort to intraday charts like 1 hour time period if you are actively trading Dutch Gas. €106.57 seems to be the Bull/Bear Pivot. If Dutch gas drops back below after the Bullish break out seen today after Russia has shut off Poland and Bulgaria from their Gas supply.
Henry Hub Gas reached 1.50 Projection of the Triangle like pattern target around $8. After profit taking down to previous highs around 6.45 Henry Hub seems to presume uptrend. RSI is showing no divergence indicating we could see higher price levels possibly to 8.70.
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