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Technicals: Double Top Breakdown
Welcome to Energy Markets Daily. Tuesday, February 3, 2026 — Technicals. CRUDE OIL TECHNICALS: WTI pulled back hard. Down over 5% Monday, trading near $62.25 after hitting $66.51 swing high. US-Iran diplomatic shift and OPEC+ holding quotas triggered the move. Key levels. Support: $62.43 (38.2% Fib), $61.17 (50% Fib), $59.92 (61.8% Fib). The $60 psychological level is critical. Below that, $57 comes into play. Resistance: $66.51 swing high, then $66 zone. Moving averages: 100 SMA above 200 SMA confirms uptrend structure. But WTI flirting with close below 200-day MA. Indicators: Stochastic heading south from overbought. RSI above 50 midpoint but momentum fading. Pattern: Bearish double top forming. If $60 breaks, expect acceleration toward $57. NATURAL GAS TECHNICALS: Resistance at $3.80 (200-day SMA), $4.00 (prior high). Support at $3.476 (Dec 30 reaction), $3.26 (middle Bollinger). RSI normalizing after January overbought spike. Trade the levels, not the noise. For energy opportunities: [email protected]
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By EMDWelcome to Energy Markets Daily. Tuesday, February 3, 2026 — Technicals. CRUDE OIL TECHNICALS: WTI pulled back hard. Down over 5% Monday, trading near $62.25 after hitting $66.51 swing high. US-Iran diplomatic shift and OPEC+ holding quotas triggered the move. Key levels. Support: $62.43 (38.2% Fib), $61.17 (50% Fib), $59.92 (61.8% Fib). The $60 psychological level is critical. Below that, $57 comes into play. Resistance: $66.51 swing high, then $66 zone. Moving averages: 100 SMA above 200 SMA confirms uptrend structure. But WTI flirting with close below 200-day MA. Indicators: Stochastic heading south from overbought. RSI above 50 midpoint but momentum fading. Pattern: Bearish double top forming. If $60 breaks, expect acceleration toward $57. NATURAL GAS TECHNICALS: Resistance at $3.80 (200-day SMA), $4.00 (prior high). Support at $3.476 (Dec 30 reaction), $3.26 (middle Bollinger). RSI normalizing after January overbought spike. Trade the levels, not the noise. For energy opportunities: [email protected]