June crude oil was lower due to profit taking overnight as it consolidates some of the rally off April's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, April's high crossing at 98.06 is the next upside target. Multiple closes below the 20-day moving average crossing at 91.93 would confirm that a short-term top has been posted. First resistance is April's high crossing at 98.06. Second resistance is February's high crossing at 99.52. First support is the 10-day moving average crossing at 93.85. Second support is the 20-day moving average crossing at 91.93.
June heating oil was lower overnight as it consolidates some of the rally off April's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the February-April uptrend line crossing near 295.58 is the next upside target. Closes below the 20-day moving average crossing at 284.23 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the February-April decline crossing at 291.92. Second resistance is the February-April uptrend line crossing near 295.58. First support is the 20-day moving average crossing at 284.23. Second support is May's low crossing at 275.97.
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June unleaded gas was lower overnight as it consolidates some of the rally off last Wednesday's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last Wednesday's low, the 38% retracement level of the February-May decline crossing at 290.15 is the next upside target. If June renews the decline off February's high, the 75% retracement level of the June-February rally crossing at 258.09 is the next downside target. First resistance is the 38% retracement level of the February-May decline crossing at 290.15. Second resistance is the 50% retracement level of the February-May decline crossing at 296.67. First support is the 20-day moving average crossing at 279.13. Second support is last Wednesday's low crossing at 268.79.
June Henry natural gas was lower overnight as it extends this month's decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If June extends this month's decline, the 50% retracement level of the January-April-rally crossing at 3.830 is the next downside target. Closes above the 20-day moving average crossing at 4.217 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.217. Second resistance is April's high crossing at 4.457. First support is the 38% retracement level of the January-April-rally crossing at 397.80. Second support is the 50% retracement level of the January-April-rally crossing at 3.830.
