October Crude Oil closed down 0.64 at 71.83. This was 0.56 up from the low and 0.83 off the high.
October Heating Oil closed down 2.14 at 181.95. This was 0.17 up from the low and 2.89 off the high.
October RBOB Gasoline finished down 2.37 at 182.75, 2.59 off the high and 0.55 up from the low.
October Natural Gas finished up 0.29 at 3.75, 0.09 off the high and 0.30 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/21/2009: The upside crossover of the 9 and 18 bar moving average is a positive signal. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The close above the 9-day moving average is a positive short-term indicator for trend. It is a slightly negative indicator that the close was lower than the pivot swing number. The next upside target is 73.26. The next area of resistance is around 72.47 and 73.26, while 1st support hits today at 71.09 and below there at 70.49.
RBOB GAS (OCT) 09/21/2009: The close under the 40-day moving average indicates the longer-term trend could be turning down. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. The close below the 1st swing support could weigh on the market. The near-term upside objective is at 186.40. The next area of resistance is around 184.32 and 186.40, while 1st support hits today at 181.18 and below there at 180.12.
HEATING OIL (OCT) 09/21/2009: Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The close above the 9-day moving average is a positive short-term indicator for trend. It is a slightly negative indicator that the close was lower than the pivot swing number. The near-term upside objective is at 185.77. The next area of resistance is around 183.65 and 185.77, while 1st support hits today at 180.59 and below there at 179.66.
October Heating Oil closed down 2.14 at 181.95. This was 0.17 up from the low and 2.89 off the high.
October RBOB Gasoline finished down 2.37 at 182.75, 2.59 off the high and 0.55 up from the low.
October Natural Gas finished up 0.29 at 3.75, 0.09 off the high and 0.30 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/21/2009: The upside crossover of the 9 and 18 bar moving average is a positive signal. Positive momentum studies in the neutral zone will tend to reinforce higher price action. The close above the 9-day moving average is a positive short-term indicator for trend. It is a slightly negative indicator that the close was lower than the pivot swing number. The next upside target is 73.26. The next area of resistance is around 72.47 and 73.26, while 1st support hits today at 71.09 and below there at 70.49.
RBOB GAS (OCT) 09/21/2009: The close under the 40-day moving average indicates the longer-term trend could be turning down. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. The close below the 1st swing support could weigh on the market. The near-term upside objective is at 186.40. The next area of resistance is around 184.32 and 186.40, while 1st support hits today at 181.18 and below there at 180.12.
HEATING OIL (OCT) 09/21/2009: Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The close above the 9-day moving average is a positive short-term indicator for trend. It is a slightly negative indicator that the close was lower than the pivot swing number. The near-term upside objective is at 185.77. The next area of resistance is around 183.65 and 185.77, while 1st support hits today at 180.59 and below there at 179.66.
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