Market sentiment in the September natural gas and RBOB contracts are bearish and poised for continued selling. September heating oil continues to be range bound, while the September crude oil contract is approaching all-time highs and bubbling higher.
September crude oil
The market is bubbling. Stable trade above $74.82 per barrel will keep prices poised to test $77.04 resistance. A pop over $77.04 is bullish and targets $78.60 weekly resistance. A close over $78.60 hints at a blow off rally to $80.50. A dip under $74.85 damages the bull drive higher while a close below $74.30 targets $72.95.
September heating oil
The market is caught in sideways trading, as bull and bear forces struggle for supremacy. Steady price action above $2.0492 per gallon keeps the market poised for further rallies. A close above 20991 will reinvigorate the bulls to attack $2.15 weekly resistance. While a close below $2.0492 is bearish encourages a selling wave that targets $1.99.
September Rbob unleaded gas
Overall the market is bearish. A close over $2.1060 per gallon holds to potential to propel trade to $2.16 Trade that is contained below $2.1060 should sell off to test $2.03 support. A close under $2.03 targets $2.00 support.
September natural gas
The market is bearish and poised for further selling off. A dip below $5.848 per MMBtu targets $5.740 weekly support. A close over $6.422 encourages further buying and hints at a turn to higher prices.
Ralph D. Preston IIIHeritage West Financial Inc.
(800) 263-3004
rpreston@heritagewestfutures.com
www.heritagewestfutures.com
Past performance is not necessarily indicative of futures results. The risk of loss is present in trading futures and options.
