by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST CRUDE OIL
AUGUST HEATING OIL
August heating oil was slightly lower overnight but remains above the 10-day moving average crossing at 203.43. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews this month’s rally, weekly resistance crossing at 211.51 is the next upside target. Closes below the reaction low crossing at 198.08 are needed to confirm that a short-term top has been posted. Overnight action sets the stage for a steady to lower opening when day session trading begins later this morning.
AUGUST UNLEADED GAS
August unleaded gas was slightly higher overnight as it extends last Friday’s close above the 10-day moving average crossing at 222.07. Stochastics and the RSI are turning bullish hinting that sideways to higher prices are possible near-term. If August renews June’s rally, May’s high crossing at 227.77 is the next upside target. Closes below the reaction low crossing at 215.89 would confirm that a double top has been posted. Overnight action sets the stage for a steady to higher opening when day session trading begins later this morning.
