October crude oil was higher overnight as it extends the trading range of the past three weeks below the 62% retracement level of this year's decline crossing at 98.27. Stochastics and the RSI remain bearish signaling that October crude oil might be correcting more in time than price. Closes below the reaction low crossing at 93.95 would confirm that a short-term top has been posted while opening the door for additional weakness. If October renews the rally off June's low, the 75% retracement level of this year's decline crossing at 102.50 is the next upside target. First resistance is the 62% retracement level of this year's decline crossing at 98.22. Second resistance is the 75% retracement level of this year's decline crossing at 102.50. First support is the reaction low crossing at 93.95. Second support is the reaction low crossing at 91.97.
October heating oil was higher overnight as it consolidates above the 20-day moving average crossing at 311.52. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 311.52 would confirm that a short-term top has been posted. If October resumes the rally off June's low, the 87% retracement level of the March-June decline crossing at 323.78 is the next upside target. First resistance is Tuesday's high crossing at 321.60. Second resistance is the 87% retracement level of the March-June decline crossing at 323.78. First support is the 20-day moving average crossing at 311.52. Second support is the reaction low crossing at 301.49.
October unleaded gas was higher overnight and poised to renew this summer's rally. Stochastics and the RSI are diverging but are bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off June's low, weekly resistance crossing at 332.48 is the next upside target. Closes below the 20-day moving average crossing at 291.30 would confirm that a double top has been posted. First resistance is Thursday's high crossing at 302.03. Second resistance is March's high crossing at 304.02. First support is the 10-day moving average crossing at 294.96. Second support is the 20-day moving average crossing at 291.30.
October Henry natural gas was lower overnight as it consolidates some of the rally off August's low. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 2.755 would confirm that a short-term top has been posted. If October extends the rally off August's low, the reaction high crossing at 2.910 is the next downside target. First resistance is the reaction high crossing at 2.910. Second resistance is the reaction high crossing at 3.135. First support is August's low crossing at 2.610. Second support is the 75% retracement level of the April-July rally crossing at 2.545.
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