Oil - Oil has been trending lower since failing at resistance around the $51 level two weeks ago. The $51 level has been important for two years. It was resistance in October 2015, June and October of 2016, and support from December through March. If it continues to trend lower there will probably be support around the $43 level again because it was the low in September and November, and on May 5th when the low trade was $43.76.
Natural Gas - Natural Gas is testing short-term support around the $3 level. This level was support in the middle of April. Longer-term, the $2.50 level has been important support. It was the low last August, November, and again in February. If it trades down to these levels again there will probably be support there.
XLE – S&P 500 Energy Sector ETF - The XLEs have been trending lower and are at levels that have been support in the past. The last three times they traded down to around $64.50, during last May, June, and August, a rally followed. Friday’s close was $65.09.
XOP – S&P 500 Oil & Gas Exploration & Production ETF - The XOPs are testing support around the $32.50 level. There is support here because it was support during last May, June, and August. Friday’s close was $32.32.
OIH – VanEck Vectors Oil Services ETF - The OIHs broke important support around the $26.50 level. This level is important because it was support from April through November of last year and again in early May. If they continue to trend lower there will probably be support around $24.50 because it was top of the range in early 2016.
AMLP - Alerian MLP ETF - The AMLPs have been trending lower and are once again testing support around the $12 level. This level was support last June, September, November and December. If this level breaks there could be a meaningful move lower but it will most likely take a few weeks to see.
IXC – iShares Global Energy ETF - The IXCs are testing support around the $32 level. This level was support in November, March, April and May. Each time a significant move upwards followed.
KOL – VanEck Vectors Coal ETF - The KOLs have been consolidating around the $12.70 level. They trended lower after failing at resistance around the $14 level. There is resistance around the $14 level because this is where it was trading in early 2015 before a large selloff began. It was also resistance in November.
FAN – First Trust Global Wind Energy ETF - The FANs are testing resistance around the $13.50 level. This level was resistance last August and September, and in June of 2014. Each time was followed by a significant selloff.
TAN – Guggenheim Solar ETF - The TANs have been trending higher since finding support around the $17 level in April. This level was also support in November and February. The recent highs were around $19 in early March.