Serious technical damage has been done to the up trend line in crude oil and gasoline. Over all energy markets are bearish and searching out support levels.
Fundamentally energy markets are complacent to geopolitical risks in the Middle East.
October crude oil
The market is bearish and a close below $65.00 per barrel should encourage further selling off to $62.91. A close above $69.00 is needed for a reversing turnaround.
October heating oil
After months of sideways trading the market has broken out to the downside in dramatic fashion. As the market approaches support at $1.80 per gallon; be alert for a bounce higher. A close over $1.90 per gallon is needed to encourage further rallies and only a close above 195 puts the bulls back in charge.
October unleaded gas
The market is bearish and a close under $1.58.00 encourages a test of the contract low at 153.44. Be alert for a bounce off of 158.00. A close above 168.00 is needed to initiate further rallies but only a close above $1.74.00 is needed to put bull forces back in charge.
October natural gas
The market is negative and rallies that are contained within $6.114 mbtu should keep bears in firm control but only a close above $6.500 encourages further rallies. A close below $5.500 should encourage further selling off.
