September crude oil was higher overnight as it extends the rally off last Thursday's low. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off June's low, the 50% retracement level of this year's decline crossing at 94.41 is the next upside target. Closes below last Thursday's low crossing at 86.92 would confirm that a short-term top has been posted while opening the door for additional weakness during the first half of August. First resistance is the 50% retracement level of this year's decline crossing at 94.41. Second resistance is the 62% retracement level of this year's decline crossing at 98.42. First support is last Thursday's low crossing at 86.92. Second support is the reaction low crossing at 84.05.
September heating oil was higher overnight and is resuming the rally off June's low. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off June's low, the 62% retracement level of the March-June decline crossing at 302.08 is the next upside target. Closes below the reaction low crossing at 279.17 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 62% retracement level of the March-June decline crossing at 302.08. Second resistance is the 75% retracement level of the March-June decline crossing at 312.86. First support is the 20-day moving average crossing at 286.21. Second support is the reaction low crossing at 279.17.
September unleaded gas was higher overnight and poised to extend the late-summer rally above the 62% retracement level of the March-June decline crossing at 288.88. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 75% retracement level of the March-June decline crossing at 299.82 is the next upside target. Closes below the 20-day moving average crossing at 278.75 would confirm that a short-term top has been posted while opening the door for additional weakness during the first half of August. First resistance is the 75% retracement level of the March-June decline crossing at 299.82. Second resistance is the 87% retracement level of the March-June decline crossing at 310.18. First support is the 10-day moving average crossing at 283.37. Second support is the 20-day moving average crossing at 278.75.
September Henry natural gas was lower overnight and remains poised to extend the decline off July's high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 50% retracement level of the April-July rally crossing at 2.751 is the next downside target. Closes above the 10-day moving average crossing at 3.035 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 2.990. Second resistance is the 10-day moving average crossing at 3.035. First support the 50% retracement level of the April-July rally crossing at 2.751. Second support is the 62% retracement level of the April-July rally crossing at 2.626.
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