While not quite taking the limelight due to historic price action within precious metals, energy commodities like crude oil (CL/), gasoline (UJ/), and natural gas (NG/) saw notable price action that did not go unnoticed during last week’s trading.
While not quite taking the limelight due to historic price action within precious metals, energy commodities like crude oil (CL/), gasoline (UJ/), and natural gas (NG/) saw notable price action that did not go unnoticed during last week’s trading.
Positive action kicking off last week led to a reversal into Xs (1/27) on the default trend chart for crude oil (CL/) before returning to a buy signal (1/28) for the first time since summer 2025 by breaking a triple top at $63. Thursday’s (1/29) action culminated with a positive trend reversal as crude rallied to $66, penetrating the bearish resistance line, but intriguingly bringing the chart to a level of price resistance that has been in place since September 2025.
Crude’s lesser sibling gasoline (UJ/) returned to a buy signal earlier in January and gave a second buy signal on 1/23 before continuing higher last week to penetrate the bearish resistance line. Similar to crude oil, gasoline had been in a negative trend on its default trend chart since July of last year. While seeing the trend flip to positive, gasoline still faces resistance in the low $2.00 range that has been in place since September 2025
In both cases, Monday’s (2/2) kicked off February’s chart action with reversals into Os from recent rally highs, with crude falling down to $62 and gasoline dropping to $1.84. Crude continues to trade above its 50- and 150-day moving averages, while gasoline maintains above its 50-day moving average. Initial support for crude resides in the $57 to $58 range, while support for gasoline sits in the mid to upper $1.70 range.
Prior to last week’s action, natural gas (NG/) saw similarly historic price swings of similar magnitude as gold (GC/) and silver (SI/). After rallying to a multi-year high and moving into a positive trend during trading on 1/21 on the 0.10 point per box chart, that week wrapped with the chart reversing down to Os and retracing much of the rally. While last week’s action briefly led to a reversal in Xs and move above the 50-day moving average, Monday’s (2/2) action saw a reversal down and return to a sell signal with the double bottom break at $3.50 before falling to $3.20 and violating the bullish support line. With the negative trend shift, the low at $3.10 from earlier in January is now near-term support. Additional can be found in the $2.70 to $2.90 range.
While seeing downward movement to kick off February’s action, much of the gain in near-term relative strength for energy space continues to maintain and is a trend the analyst team is closely monitoring.
