February crude oil
The market is bearish and poised for further selling off. A close or pop below $51.53 targets $50.18 weekly support. Price action that is contained below $56.24 should remain negative. A close above $56.24 is needed to embolden the bulls and turn trading to higher prices.
February heating oil
The market is bearish and poised for further selling off. A close below 14794 projects declines to the low 140’s while a close over 15613 is needed to embolden the bulls and encourage rallies over 167 plus.
February Rbob unleaded gas
The market is bearish. Price action that is contained under 15066 is negative. A close below 14600 weekly support alerts for aggressive sell offs holding the possibility for an extreme spike into the high 130’s.
January natural gas
The market is bearish and price action that is contained below 6938 is negative. A close below 6283 targets 5991.
Ralph D. Preston IIIHeritage West Financial, Inc.(858) 560-2646(800) 263-3004(858) 560-0704 faxrpreston@heritagewestfutures.comwww.heritagewestfutures.com
Past performance is not necessarily indicative of futures results.The risk of loss is present in trading futures and options.
