November Crude Oil closed down 3.50 at 68.26. This was 0.22 up from the low and 3.55 off the high.
November Heating Oil closed down 6.56 at 177.80. This was 0.21 up from the low and 7.35 off the high.
November RBOB Gasoline finished down 9.14 at 170.45, 8.65 off the high and 0.43 up from the low.
November Natural Gas finished up 0.22 at 4.74, 0.03 off the high and 0.24 up from the low.
Technical Outlook
CRUDE OIL (NOV) 09/24/2009: The major trend has turned down with the cross over back below the 60-day moving average. A crossover down in the daily stochastics is a bearish signal. Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market back below the 18-day moving average suggests the intermediate-term trend could be turning down. The market is in a bearish position with the close below the 2nd swing support number. The next downside objective is now at 65.32. The next area of resistance is around 70.12 and 72.85, while 1st support hits today at 66.36 and below there at 65.32.
RBOB GAS (NOV) 09/24/2009: The close below the 60-day moving average is an indication the longer-term trend has turned down. A crossover down in the daily stochastics is a bearish signal. Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The close below the 9-day moving average is a negative short-term indicator for trend. The close below the 2nd swing support number puts the market on the defensive. The next downside objective is 163.43. The next area of resistance is around 174.98 and 181.58, while 1st support hits today at 165.91 and below there at 163.43.
HEATING OIL (NOV) 09/24/2009: The upside crossover (9 above 18) of the moving averages suggests a developing short-term uptrend. A bearish signal was triggered on a crossover down in the daily stochastics. Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. The close under the 18-day moving average indicates the intermediate-term trend could be turning down. The outside day down and close below the previous day's low is a negative signal. The market setup is somewhat negative with the close under the 1st swing support. The next downside target is now at 172.03. The next area of resistance is around 181.58 and 187.14, while 1st support hits today at 174.02 and below there at 172.03.
November Heating Oil closed down 6.56 at 177.80. This was 0.21 up from the low and 7.35 off the high.
November RBOB Gasoline finished down 9.14 at 170.45, 8.65 off the high and 0.43 up from the low.
November Natural Gas finished up 0.22 at 4.74, 0.03 off the high and 0.24 up from the low.
Technical Outlook
CRUDE OIL (NOV) 09/24/2009: The major trend has turned down with the cross over back below the 60-day moving average. A crossover down in the daily stochastics is a bearish signal. Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market back below the 18-day moving average suggests the intermediate-term trend could be turning down. The market is in a bearish position with the close below the 2nd swing support number. The next downside objective is now at 65.32. The next area of resistance is around 70.12 and 72.85, while 1st support hits today at 66.36 and below there at 65.32.
RBOB GAS (NOV) 09/24/2009: The close below the 60-day moving average is an indication the longer-term trend has turned down. A crossover down in the daily stochastics is a bearish signal. Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The close below the 9-day moving average is a negative short-term indicator for trend. The close below the 2nd swing support number puts the market on the defensive. The next downside objective is 163.43. The next area of resistance is around 174.98 and 181.58, while 1st support hits today at 165.91 and below there at 163.43.
HEATING OIL (NOV) 09/24/2009: The upside crossover (9 above 18) of the moving averages suggests a developing short-term uptrend. A bearish signal was triggered on a crossover down in the daily stochastics. Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. The close under the 18-day moving average indicates the intermediate-term trend could be turning down. The outside day down and close below the previous day's low is a negative signal. The market setup is somewhat negative with the close under the 1st swing support. The next downside target is now at 172.03. The next area of resistance is around 181.58 and 187.14, while 1st support hits today at 174.02 and below there at 172.03.
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