Technicals: Week 28
Tuesday, July 14, 2026. CRUDE OIL TECHNICALS. WTI crude oil trading ~$79.40-$80.05. Sharp recent rally. Price surged 10%+ in week leading into Jul 14 driven by geopolitical developments (US measures affecting Iranian oil transit through Strait of Hormuz). TECHNICAL SIGNALS: Strong Buy based on technical indicators/moving averages. RSI(14) ~80.7-82.0 (Overbought territory; potential caution for pullbacks/consolidation). MACD(12,26) ~1.72-1.73 (Buy signal; bullish momentum). Overall technical summary Strong Buy (8-12 buy signals across indicators, 0 sell). PIVOT POINTS: Classic pivot ~79.51. Supports 79.12/78.69/78.3. Resistances 79.94/80.33/80.76. BOLLINGER BANDS: Limited specific Jul 2026 data. Prices consolidating near middle band after decline, suggesting waning bearish momentum. No strong upper band touch/squeeze noted in latest analysis. SUPPORT/RESISTANCE LEVELS: Support zones around 73-74, 70-71. Lower Fibonacci retracements ~68-70 area. Resistance near-term around 80-82. Longer-term Fibonacci extensions higher. CONTEXT: Earlier Jul RSI was oversold (~29) with bearish MACD bias. Prices hovered mid-$68s before recent rally. MOMENTUM: Strong recent momentum (+2%+ daily moves) aligns with bullish MACD/RSI overbought conditions. Watch for potential reversal if RSI fails to sustain or price rejects upper levels. NATURAL GAS TECHNICALS: Henry Hub futures ~$2.89/MMBtu (down 0.19% from prior day; down 1.63% or -1.70% in some reports). CME FUTURES: NGQ26 last at $2.902 (-1.29%) as of Jul 13 close. Investing.com futures $2.891 (-1.70%), previous close $2.896. RECENT PRICE ACTION: Jul 10 close $3.02. Jul 9 $3.22. Intraday ranges recently around $2.87-$3.02. SPOT VERSUS FUTURES: EIA spot Jul 6 $3.29 (down from $3.34 prior; weekly/daily updates lag). Spot prices lagging at higher levels (~$3.29 early Jul). Futures trading near $2.89-$2.90. THE SETUP: Crude overbought, RSI 80+, watch for pullback. Support 78.3-79.12, resistance 80.33-80.76. Gas futures down, spot holding higher, contango structure intact. WEEK 28 TECHNICALS: Crude Strong Buy but overbought, caution for pullbacks. Support 78.3, resistance 80.76. Gas futures down, spot holding, accumulation zone intact. Trade the charts, respect the levels.
