August crude oil - was slightly lower overnight as it consolidates below the 2% retracement level of the 2009-2012-rally crossing at 80.33. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If August extends this year's decline, the 75% retracement level of the 2009-2011-rally crossing at 73.28 is the next downside target. Closes above the 20-day moving average crossing at 82.86 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 82.86. Second resistance is the reaction high crossing at 87.32. First support is last Friday's low crossing at 77.56. Second support is the 75% retracement level of the 2009-2011-rally crossing at 73.28.
July heating oil - was lower overnight hinting that a three-day bounce might be ending. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 261.64 are needed to confirm that a short-term low has been posted. If July extends this year's decline, the 75% retracement level of the 2009-2011-rally crossing at 239.01 is the next downside target. First resistance is the 20-day moving average crossing at 261.64. Second resistance is the reaction high crossing at 274.28. First support is Monday's low crossing at 251.00. Second support is the 75% retracement level of the 2009-2011-rally crossing at 239.01.
July unleaded gas - was slightly lower overnight as it consolidates some of the rebound off last week's low. Stochastics and the RSI have turned bullish signaling that a short-term low might be in or is near. Closes above the reaction high crossing at 275.23 are needed to confirm that a short-term low has been posted. If July renews the decline off March's high, the 62% retracement level of the 2009-2012-rally crossing at 251.44 is the next downside target. First resistance is the 20-day moving average crossing at 265.40. Second resistance is the reaction high crossing at 275.23. First support is last Thursday's low crossing at 253.76. Second support is the 62% retracement level of the 2009-2012-rally crossing at 251.44.
July Henry natural gas - was higher overnight as it extends this month's rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, May's high crossing at 2.838 is the next upside target. Closes below the 20-day moving average crossing at 2.469 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 2.818. Second resistance is May's high crossing at 2.838. First support is the 10-day moving average crossing at 2.614. Second support is the 20-day moving average crossing at 2.469.
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