September Crude Oil closed slightly lower on Thursday as the market extends this week’s trading range. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, the reaction high crossing at 74.25 is the next upside target. Closes below the 20-day moving average crossing at 66.28 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 72.42. Second resistance is the reaction high crossing at 74.25. First support is the 10-day moving average crossing at 69.02. Second support is the 20-day moving average crossing at 66.28.
Source: VantagePoint Intermarket Analysis Software
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September heating oil closed lower due to profit taking on Thursday as it consolidated some of this week’s rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional strength is possible near-term. If September extends the rally off July’s low, the 25% retracement level of the 2008-2009-decline crossing at 197.68 is the next upside target. Closes below the 20-day moving average crossing at 174.88 would confirm that a top has been posted. First resistance is today’s high crossing at 197.38. Second resistance is the 25% retracement level of the 2008-2009-decline crossing at 197.68. First support is the 10-day moving average crossing at 184.03. Second support is the 20-day moving average crossing at 174.88.
September unleaded gas closed higher on Thursday ending a two-day correction off Monday’s high. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, the 38% retracement level of the 2008-2009-decline crossing at 211.31 is the next upside target. Closes below the 20-day moving average crossing at 185.25 are needed to confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 208.55. Second resistance is the 38% retracement level of the 2008-2009-decline crossing at 211.31. First support is the 10-day moving average crossing at 196.92. Second support is the 20-day moving average crossing at 185.25.
September Henry natural gas closed sharply lower on Thursday as it consolidated some of this week’s rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are turning neutral hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3.747 would confirm that a short-term top has been posted. If September extends the rally off July’s low, June’s high crossing at 4.716 is the next upside target. First resistance is Monday’s high crossing at 4.162. Second resistance is June’s high crossing at 4.716. First support is the 20-day moving average crossing at 3.747. Second support is the reaction low crossing at 3.459.
