EMD103 - Technicals: Levels That Matter

Welcome to Energy Markets Daily. Tuesday, January 20, 2026 — Technicals. Week four of 2026. **CRUDE OIL TECHNICALS:** WTI trading near $59.50. Key support levels: $59.25, $59.10, then $58.37 at 38.2% Fibonacci and 100 SMA. Deeper support at $57.88 (50% retracement), $57.40 at channel bottom and 200 SMA. Ultimate floor at $55, the 2025 lows. Resistance levels: $60.05, $61.08, then key resistance at $62 which aligns with 200-period SMA. Break above $62 targets $66. Trading within ascending channel, uptrend intact. Stochastic showing exhaustion, buyers losing steam. RSI approaching neutral 50. Geopolitics and inventory data driving near-term direction. **NATURAL GAS TECHNICALS:** Henry Hub testing support. Key psychological support at $3.00. If $3.00 fails, next support $2.99, then $2.77. Resistance at $3.499, $3.634. Break above resistance triggers short-covering rally toward 50-day MA at $3.987 and 200-day MA at $4.254. January high near $3.60 just under 200-day EMA at $3.62. Pivot zone $3.62-$3.65. Cold snap forecast Jan 20-24 may provide temporary support at $3.00. **BOTTOM LINE:** Crude in ascending channel but buyers exhausted near resistance. Gas testing $3.00 floor with cold weather support. Trade the levels. **FINAL WORD:** Energy project needs capital? energymarkets@protonmail.com. Subject: Energy Capital. This is Energy Markets Daily. Wednesday: Market Update.

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