Commodities snapshot (energy)

Energy segment is trading back foot today. Weekly performance at a glance in chart & table.

Oil (WTI) -

• WTI is struggling to gain amid weak dollar, however falling when dollar is showing strength. Bulls resolve seems to be weakening and test of support looks likely.
  
• WTI carved bearish doji in weekly chart and very bearish grave stone doji in daily chart. Further downside remains open if doji high is not taken out. RSI is also around 50 level resistance.
  
  
• WTI is currently trading at $59.6/barrel. Immediate support lies at $55-54.6, $51.2-50 and resistance at $63-$65. $58 may continue to provide interim support.

Oil (Brent) -

• Brent is a better performer than WTI however bulls are losing resolve to push prices higher/ larger correction seems likely.

• Brent-WTI spread gained around 90 cents, currently trading at $7.2/barrel. Further rise seems likely in favor of Brent. Partial profit booking is suggested prior weekend.
  
  
• Brent is trading at $66.8/barrel. Immediate support lies at $63.7-63.2, 61.8-61.4 area and resistance at $ 70 region.

Natural Gas -

• Natural gas gained further ground breaking $3 level. Further rise is likely.
  
  
• 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 $2.99/mmbtu. Immediate support lies at $2.72, $2.65, $2.44 area & resistance at $3.06.