Energy Market Morning Report

August crude oil was higher overnight as it extended the rally off last Thursday's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the reaction high crossing at 87.32 is the next upside target. If August renews this year's decline, the 75% retracement level of the 2009-2011-rally crossing at 73.28 is the next downside target. First resistance is the reaction high crossing at 87.32. Second resistance is the reaction high crossing at 92.52. First support is last Thursday's low crossing at 77.28. Second support is the 75% retracement level of the 2009-2011-rally crossing at 73.28.

August heating oil was higher overnight as it extends the rally off June's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the reaction high crossing at 274.41 is the next upside target. Closes below the 10-day moving average crossing at 259.86 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 274.41. Second resistance is the reaction high crossing at 286.48. First support is June's low crossing at 250.84. Second support is the 75% retracement level of the 2009-2011-rally crossing at 244.62.

August unleaded gas was higher overnight as it extends the rally off June's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the reaction high crossing at 268.59 is the next upside target. Closes below the 10-day moving average crossing at 253.40 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 268.59. Second resistance is the reaction high crossing at 281.62. First support is June's low crossing at 244.08. Second support is the 75% retracement level of the 2009-2012-rally crossing at 232.10.

August Henry natural gas was slightly higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, February's high crossing at 3.137 is the next upside target. Closes below the 20-day moving average crossing at 2.580 are needed to confirm that a short-term top has been posted. First resistance is last Wednesday's high crossing at 2.975. Second resistance is February's high crossing at 3.137. First support is the 10-day moving average crossing at 2.737. Second support is the 20-day moving average crossing at 2.580.

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One thought on “Energy Market Morning Report

  1. Thanks for sharing. Saw this on my morning commentary report and knew the energies would be making waves today.

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