Energy: Crude oil finished lower by 3.5% today but down less than 50 cents on the week. I see prices in August back and forth in a $5 range and outside of short term trading the waves. I would not be looking for position trades until the picture becomes clearer in either direction. On the week RBOB will finish just shy of a dime higher closing just under the 50 day MA. Support is seen about 5 cents lower with resistance about 10 cents higher. Heating oil lost 2.2% today but was able to hold onto the 8 day MA. Prices appear to be rolling over and I expect a 7-10 cent loss into next week. Higher trade was rejected above $3 in natural gastoday as I expect today to serve as an interim top. With prices closing under the 8 day MA use the Fib levels as your targets on the way down.... Continue to read.
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