August crude oil was higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but remains bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 38% retracement level of this year's decline crossing at 90.43 is the next upside target. Closes below the 20-day moving average crossing at 84.49 would temper the near-term friendly outlook in August crude oil. First resistance is the 38% retracement level of this year's decline crossing at 90.43. Second resistance is the 50% retracement level of this year's decline crossing at 94.45. First support is the 20-day moving average crossing at 84.49. Second support is June's low crossing at 77.28.<\/p>\n
August heating oil was higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 50% retracement level of the March-June decline crossing at 292.19 is the next upside target. Closes below the 20-day moving average crossing at 270.87 would confirm that a short-term top has been posted. First resistance is the 50% retracement level of the March-June decline crossing at 292.19. Second resistance is the 62% retracement level of the March-June decline crossing at 301.88. First support is the 10-day moving average crossing at 279.60. Second support is the 20-day moving average crossing at 270.87.<\/p>\n
August unleaded gas was higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 62% retracement level of the March-June decline crossing at 295.32 is the next upside target. Closes below the 20-day moving average crossing at 268.81 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the March-June decline crossing at 295.32. Second resistance is the 75% retracement level of the March-June decline crossing at 306.20. First support is the 10-day moving average crossing at 281.03. Second support is the 20-day moving average crossing at 268.82.<\/p>\n
August Henry natural gas was lower overnight as it consolidated some of Wednesday's rally. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes below the reaction low crossing at 3.060 would renew the rally off June's low and would open the door for a possible test of February's high crossing at 3.137 later this summer. Closes below the reaction low crossing at 2.718 would confirm that a short-term top has been posted. First resistance is this month's high crossing at 3.060. Second resistance is February's high crossing at 3.137. First support is the reaction low crossing at 2.718. Second support is June's low crossing at 2.215.<\/p>\n
To receive INO.com<\/a>\u2018s Daily Market Analysis & Commentary click here<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" August crude oil was higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but remains bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 38% retracement level of this year's decline crossing at 90.43 is the next upside […]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[28,3784,2084,375],"class_list":["post-15298","post","type-post","status-publish","format-standard","hentry","category-general","tag-crude-oil","tag-gas","tag-heating-oil","tag-natural-gas"],"yoast_head":"\n