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ENERGIES

January Nymex crude oil was steady to slightly higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the rally off last Thursday's low, November's high crossing at 59.05. If January renews the decline off November's high, the 25% retracement level of the June-November crossing at 55.11 is the next downside target. First resistance is November's high crossing at 59.05. Second resistance is weekly resistance crossing at 60.00. First support is the 25% retracement level of the June-November crossing at 55.11. Second support is the 38% retracement level of the June-November crossing at 53.04.

January heating oil was lower overnight as it consolidates some of the rally off last Thursday's low. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 187.08 are needed to confirm that a short-term top has been posted. If January extends the rally off October's low, the 50% retracement level of the 2014-2016-decline crossing at 198.69 is the next upside target. First resistance is the 50% retracement level of the 2014-2016-decline crossing at 198.69. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 216.85. First support is the 10-day moving average crossing at 191.58. Second support is the 50-day moving average crossing at 187.39.

January unleaded gas was slightly lower overnight following Tuesday's key reversal down. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If January resumes the decline off November's high, the 38% retracement level of the June-November-rally crossing at 160.49 is the next downside target. Closes above the 20-day moving average crossing at 172.97 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 179.40. Second resistance is November's high crossing at 181.51. First support is the 38% retracement level of the June-November-rally crossing at 160.49. Second support is October's low crossing at 152.48.

January Henry natural gas was slightly higher due to short covering overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, weekly support crossing at 2.522 is the next downside target. Closes above the 20-day moving average crossing at 2.988 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.863. Second resistance is the 20-day moving average crossing at 2.988. First support is Tuesday's low crossing at 2.673. Second support is weekly support crossing at 2.522.

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