October Crude Oil closed up 2.02 at 70.88. This was 2.40 up from the low and 0.31 off the high.
October Heating Oil closed up 3.62 at 177.84. This was 4.84 up from the low and 1.16 off the high.
October RBOB Gasoline finished up 4.42 at 178.75, 1.05 off the high and 5.75 up from the low.
October Natural Gas finished up 0.06 at 3.36, 0.24 off the high and 0.05 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/16/2009: The cross over and close above the 60-day moving average indicates the longer-term trend has turned up. A bullish signal was given with an upside crossover of the daily stochastics. Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The intermediate trend could be turning up with the close back above the 18-day moving average. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. The near-term upside target is at 73.06. The next area of resistance is around 72.22 and 73.06, while 1st support hits today at 69.52 and below there at 67.65.
RBOB GAS (OCT) 09/16/2009: Momentum studies are declining, but have fallen to oversold levels. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The market has a bullish tilt coming into today's trade with the close above the 2nd swing resistance. The next downside objective is now at 170.75. The next area of resistance is around 182.10 and 184.35, while 1st support hits today at 175.30 and below there at 170.75.
HEATING OIL (OCT) 09/16/2009: A bullish signal was given with an upside crossover of the daily stochastics. Daily momentum studies are on the rise from low levels and should accelerate a move higher on a push through the 1st swing resistance. The close above the 9-day moving average is a positive short-term indicator for trend. The market has a bullish tilt coming into today's trade with the close above the 2nd swing resistance. The near-term upside target is at 182.89. The next area of resistance is around 180.77 and 182.89, while 1st support hits today at 174.78 and below there at 170.89.
October Heating Oil closed up 3.62 at 177.84. This was 4.84 up from the low and 1.16 off the high.
October RBOB Gasoline finished up 4.42 at 178.75, 1.05 off the high and 5.75 up from the low.
October Natural Gas finished up 0.06 at 3.36, 0.24 off the high and 0.05 up from the low.
Technical Outlook
CRUDE OIL (OCT) 09/16/2009: The cross over and close above the 60-day moving average indicates the longer-term trend has turned up. A bullish signal was given with an upside crossover of the daily stochastics. Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The intermediate trend could be turning up with the close back above the 18-day moving average. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. The near-term upside target is at 73.06. The next area of resistance is around 72.22 and 73.06, while 1st support hits today at 69.52 and below there at 67.65.
RBOB GAS (OCT) 09/16/2009: Momentum studies are declining, but have fallen to oversold levels. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The market has a bullish tilt coming into today's trade with the close above the 2nd swing resistance. The next downside objective is now at 170.75. The next area of resistance is around 182.10 and 184.35, while 1st support hits today at 175.30 and below there at 170.75.
HEATING OIL (OCT) 09/16/2009: A bullish signal was given with an upside crossover of the daily stochastics. Daily momentum studies are on the rise from low levels and should accelerate a move higher on a push through the 1st swing resistance. The close above the 9-day moving average is a positive short-term indicator for trend. The market has a bullish tilt coming into today's trade with the close above the 2nd swing resistance. The near-term upside target is at 182.89. The next area of resistance is around 180.77 and 182.89, while 1st support hits today at 174.78 and below there at 170.89.
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