Technically the markets are bearish, but with Iran set to deliver its response to the West’s ultimatum on Tuesday Aug. 22 energy markets could be entirely complacent to the uncertainties that lay ahead.
Oct crude oil
The market is approaching the lower end of its five-month trading range with solid support at $70.00 a barrel. Technically a close below support at $70.00 is bearish and should encourage further selling off. A close above $74.00 is needed to put the bull forces back in charge of this market.
Sept heating oil
Last weeks sideways trade keeps the market poised for further sell offs. A close below 19800 is bearish and targets 193 support. A close above 204 is needed for a turnaround to higher prices.
Sept unleaded gas
The market is bearish and poised for a test of the 188.00 support level. A close above 208.00 is needed to put bull forces back in charge of this market.
Sept natural gas
The market is trending lower targeting the 6400-support area. A close below 6600 should encourage sell offs against 6400. A close above Wednesdays high of 7100 is positive for prices while a close above 7400 is needed to for a trend-reversing move.
