September crude oil closed higher on Wednesday as it consolidated some of Tuesday's low. The mid-range close sets the stage for a steady opening when Thursday's night session begins. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below last Wednesday's low crossing at 86.84 would confirm that a short-term top has been posted while opening the door for a larger-degree decline into early August. If September renews the rally off June's low, the 50% retracement level of this year's decline crossing at 94.28 is the next upside target.First resistance is this month's high crossing at 93.25. Second resistance is the 50% retracement level of this year's decline crossing at 94.28. First support is last Wednesday's low crossing at 86.84. Second support is the reaction low crossing at 84.05.
September heating oil closed higher on Wednesday as it consolidates above the 20-day moving average crossing at 282.57. The mid-range close sets the stage for a steady opening when Thursday's session begins trading. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below last week's low crossing at 279.17 would confirm that a short-term top has been posted while opening the door for additional weakness into early August. If September renews the rally off June's low, the 62% retracement level of the March-June decline crossing at 302.08 is the next upside target. First resistance is the 62% retracement level of the March-June decline crossing at 302.08. Second resistance is the 75% retracement level of the March-June decline crossing at 312.86. First support is the 20-day moving average crossing at 282.58. Second support is the reaction low crossing at 279.17.
September unleaded gas closed higher on Wednesday as it extends the rally off last Wednesday's low. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June's low, the 62% retracement level of the March-June decline crossing at 288.72 is the next upside target. Closes below last Wednesday's low crossing at 265.51 are needed to confirm that a short-term top has been posted. First resistance is the 62% retracement level of the March-June decline crossing at 288.72. Second resistance is the 75% retracement level of the March-June decline crossing at 299.72. First support is last Wednesday's low crossing at 265.51. Second support is the reaction low crossing at 259.39.
September Henry natural gas closed lower due to profit taking on Wednesday as it consolidated some of the rally off June's low. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought, diverging but are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 38% retracement level of the 2011-2012-decline crossing at 3.352 is the next upside target. Closes below the 20-day moving average crossing at 2.977 are needed to confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 3.277. Second resistance is the 38% retracement level of the 2011-2012-decline crossing at 3.352. First support is the 10-day moving average crossing at 3.109. Second support is the 20-day moving average crossing at 2.977.
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