By Ralph D. Preston III, Heritage West Financial Inc.
Market sentiment in the Energy complex has turned decisively bearish with potential for further selling off as markets balance the risk between supply disruptions and slowing demand.
Oct Crude Oil
The market is bearish and a dip under last week’s low of $62.15 should encourage further selling off to $60.66 with solid support at $60.01. A close above $64.91 is needed to encourage gains and only a close above $69.00 highlights a reversing turnaround.
Oct Heating Oil
The market is bearish with minor support at 168.54. Be on guard for a bounce off of support at 169.54. Several days of sideways trading should encourage the market to sell off. A close above 18125 is needed to take the market to higher prices.
Oct Unleaded Gas
The market is bearish and a close under 15337 will trigger a sell signal.
A close above 168.00 is needed to initiate rallies but only a close above 174.00 will put bull forces back in charge.
Oct Natural Gas
The market is bearish and trade that is contained under 6114 should remain negative.
While a close above 7400 is needed to take the market to higher prices. A close below 5940 should encourage further selling off.
