The RBOB gasoline contract continues to lead the energy complex higher. A close above the contract high in the RBOB July contract of $2.4000 per gallon could trigger a buy signal. Remember to keep your Stops!
July crude oil
Last week’s turn to higher prices marks a shift in market sentiment. The market is pressing up against $67.15 per barrel resistance. A close above $67.15 targets $68.00 and positions the market for further rallies. A close under $64.65 hurts bull forces but only a close below $64.00 negates the bull breakout.
July heating oil
Last week’s pop higher emboldens the bulls and encourages further rallies. A close above $1.9433 per gallon positions the market for a challenge of the April swing high of $2.0000. Stable trade above $1.8901 should build for continued advances. A close under $1.8850 damages the short-term bull outlook.
July Rbob unleaded gas
The market remains on fire and every pull back is becoming a buying opportunity. Stable trade above $2.2680 per gallon should build for continued rallies and positions the market for a test of the contract high of $2.4000. A close above $2.4000 could trigger a buy signal. Remember to keep your stops! While a close below $2.2069 alerts for a roll back into lower prices.
July natural gas
Price action maintains a bullish bias and stable trade above $7.930 per MMBtu should build for price action to challenge $8.270 resistance. A close under $7.850 damages the short-term bull outlook.
Ralph D. Preston IIIHeritage West Financial Inc.(800) 263-3004
rpreston@heritagewestfutures.comwww.heritagewestfutures.com
Past performance is not necessarily indicative of futures results. The risk of loss is present in trading futures and options.
