October crude oil was higher overnight and poised to test resistance marked by the 62% retracement level of this year's decline crossing at 98.22. Stochastics and the RSI are bullish hinting that sideways to higher prices are possible near-term. If October renews the rally off June's low, the 75% retracement level of this year's decline crossing at 102.50 is the next upside target. Closes below the reaction low crossing at 93.95 would confirm that a short-term top has been posted while opening the door for additional weakness. First resistance is the 62% retracement level of this year's decline crossing at 98.22. Second resistance is the 75% retracement level of this year's decline crossing at 102.50. First support is the reaction low crossing at 93.95. Second support is the reaction low crossing at 91.97.
October heating oil was higher overnight and remains poised to resume this summer's rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October resumes the rally off June's low, the 87% retracement level of the March-June decline crossing at 323.78 is the next upside target. Closes below the 20-day moving average crossing at 313.76 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 321.80. Second resistance is the 87% retracement level of the March-June decline crossing at 323.78. First support is the 20-day moving average crossing at 313.76. Second support is the reaction low crossing at 301.49.
October unleaded gas was higher overnight as it extends this summer's rally. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off June's low, weekly resistance crossing at 332.48 is the next upside target. Closes below the 20-day moving average crossing at 294.84 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 307.96. Second resistance is weekly resistance crossing at 332.48. First support is the 10-day moving average crossing at 298.47. Second support is the 20-day moving average crossing at 294.84.
October Henry natural gas was lower due to light profit taking overnight as it consolidates some of the rally off Monday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August's low, the reaction high crossing at 3.135 is the next upside target. Closes below Monday's low crossing at 2.647 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3.036. Second resistance is the reaction high crossing at 3.135. First support is Monday's low crossing at 2.647. Second support is August's low crossing at 2.610.
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These guys [the real money] are coming back from vacation and they are going to clubber the oil bulls. Be careful poking your head out here!
I'm keeping an eye on the energy ETFs now... 🙂