Peak Oil, or Oil Bubble? Message Board

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Gold/Mining/Energy : Peak Oil, or Oil Bubble?

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From: Peter V	7/10/2008 12:25:37 PM
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Some short term TA. ENERGY MARKETS http Commentary://quotes.ino.com/exchanges/?c=energy August crude oil was higher due to short covering overnight as it consolidates below the 20-day moving average crossing at 138.11. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, the reaction low crossing at 131.75 is the next downside target. Closes above the 10-day moving average crossing at 140.40 would temper the near-term bearish outlook in the market. First resistance is the 20-day moving average crossing at 138.11. Second resistance is the 10-day moving average crossing at 140.40. First support is Tuesday's low crossing at 135.14. Second support is the reaction low crossing at 131.75. August heating oil was higher due to short covering overnight as it consolidates some of this week's decline but remains below the 20-day moving average crossing at 389.46. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, the reaction low crossing at 371.04 is the next downside target. Closes above the 10-day moving average crossing at 395.35 would temper the near-term bearish outlook in the market. First resistance is the 20-day moving average crossing at 389.46. Second resistance is the 10-day moving average crossing at 395.35. First support is Tuesday's low crossing at 379.82. Second support is the reaction low crossing at 371.04. August unleaded gas was steady to slightly higher due to short covering overnight as it consolidates some of Tuesday's decline but remains below the 20-day moving average crossing at 346.27. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near- term. Closes below the reaction low crossing at 334.64 would confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 348.07 would temper the near- term bearish outlook in the market. First resistance is the 20-day moving average crossing at 346.27. Second resistance is the 10-day moving average crossing at 348.07. First support is Tuesday's low crossing at 333.50. Second support is the reaction low crossing at 314.75. August Henry natural gas was higher due to light short covering overnight as it consolidates some of this week's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If August extends this week's decline, the 38% retracement level of the December-July rally crossing at 11.292 is the next downside target. Closes above the 20-day moving average crossing at 13.042 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13.042. Second resistance is the contract high crossing at 13.694. First support is Wednesday's low crossing at 11.907. Second support is the 38% retracement level crossing at 11.292.

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