September crude oil was lower overnight due to renewed concerns over Europe's debt crisis along with warnings from China that its economy is also slowing down more that previously expected. Stochastics and the RSI have turned bearish with the decline off last Thursday's high signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 85.43 would confirm that a short-term top has been posted. 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. 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 the 20-day moving average crossing at 86.43. Second support is the reaction low crossing at 84.05.<\/p>\n
August heating oil was lower overnight as it extends the decline off last Thursday's high. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 275.86 would confirm that a short-term top has been posted. If August resumes the rally off June's low, the 62% retracement level of the March-June decline crossing at 301.88 is the next upside target. First resistance is the 62% retracement level of the March-June decline crossing at 301.88. Second resistance is the 75% retracement level of the March-June decline crossing at 312.72. First support is the 20-day moving average crossing at 275.86. Second support is the reaction low crossing at 270.32.<\/p>\n
August unleaded gas was lower overnight as it consolidates some of the rally off June's low. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a pause or setback is possible near-term. Closes below the 20-day moving average crossing at 275.28 would confirm that a short-term top has been posted. 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. 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 285.92. Second support is the 20-day moving average crossing at 275.28.<\/p>\n
August Henry natural gas was lower due to profit taking overnight as it consolidates some of the rally off June's low. Stochastics and the RSI are becoming overbought but remain 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 the decline off the 2011 high crossing at 3.320 is the next upside target. Closes below the reaction low crossing at 2.718 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 3.130. Second resistance is the 38% retracement level of the decline off the 2011 high crossing at 3.320. First support the 20-day moving average crossing at 2.884. Second support is the reaction low crossing at 2.718.<\/p>\n
To receive INO.com<\/a>\u2018s Daily Market Analysis & Commentary click here<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" September crude oil was lower overnight due to renewed concerns over Europe's debt crisis along with warnings from China that its economy is also slowing down more that previously expected. Stochastics and the RSI have turned bearish with the decline off last Thursday's high signaling that sideways to lower prices are possible near-term. Closes below […]<\/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":[28,3784,2084,375,2085],"class_list":["post-15371","post","type-post","status-publish","format-standard","hentry","category-general","tag-crude-oil","tag-gas","tag-heating-oil","tag-natural-gas","tag-unleaded-gas"],"yoast_head":"\n