A bearish reversal day for energy

What a difference a day makes, although one day doesn’t make a trend.

Interim peak in Heating Oil

Overnight WTI Crude, Brent Crude, Heating Oil, Gasoline all fell 2%. Natural Gas fell 10%.

What is more important is last night’s trading session produced a bearish outside reversal day in all of mentioned commodities. This is where prices traded outside the previous day’s range, meaning today’s high and low was higher and lower than yesterdays range and the closing price was below yesterdays. It’s a bit more bearish because today’s close was lower than yesterday’s intra-day low.

September 7, 2021

by Rob Zdravevski

rob@karriasset.com.au