Fundamentally energy marks are poised to climb higher. Demand is strong and inventories are lower than one year ago this week. Gasoline is leading the energy pack after busting through multi week resistance at 195.
May crude oil
Price action is muscling higher and a close above $63.75 keeps the bulls in firm control sparking rallies targeting $65.00. A close below $61.25 marks a top.
April heating oil
After probing market support price action is bouncing off of recent lows of 16655 in dramatic fashion targeting 177 resistance. A close over 17478 keeps trade poised to attack 177. A close above 177 is bullish and targets 181. A close below 16833 initiates selling off to test last weeks low.
April Rbob unleaded gas
Monday mornings break out above 195 resistance is bullish and targets 206. Only a close below 19062 voids the breakout.
April natural gas
Last weeks bounce higher off of 6950 support targets 7500 resistance. Price action above 7200 should build for rallies to test against 7500. A close below 7100 signals a test of last weeks low of 6950.
Ralph D. Preston IIIHeritage West Financial, Inc.Phone: 858-560-2646Toll Free: 800-263-3004Fax: 858-560-0704Email: rpreston@heritagewestfutures.comWebsite: www.heritagewestfutures.com
Past performance is not necessarily indicative of futures results. The risk of loss is present in trading futures and options.
