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ENERGIES

April Nymex crude oil was lower overnight as it consolidates some of the rally off February's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 62.62 are needed to confirm that a short-term low has been posted. If April renews the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 56.05 is the next downside target. First resistance is the 20-day moving average crossing at 62.62. Second resistance is January's high crossing at 66.39. First support is February's low crossing at 57.90. Second support is the 38% retracement level of the 2016-2018-rally crossing at 56.05.

April heating oil was steady to slightly lower overnight as it consolidates some of the rally off February's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 197.12 are needed to confirm that a short-term low has been posted. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 176.89 is the next downside target. First resistance is the 20-day moving average crossing at 197.12. Second resistance is the reaction high crossing at 208.80. First support is February's low crossing at 180.97. Second support is the 38% retracement level of the 2016-2018-rally crossing at 176.89.

April unleaded gas was steady to slightly lower overnight. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 198.09 would confirm that a short-term low has been posted. If April resumes the decline off January's high, the 38% retracement level of the 2016-2018-rally crossing at 179.34 is the next downside target. First resistance is the 20-day moving average crossing at 198.09. Second resistance is the reaction high crossing at 208.46. First support is February's low crossing at 165.19. Second support is the 38% retracement level of the 2016-2018-rally crossing at 179.34.

April Henry natural gas was lower overnight as it continues to form a correction of the decline off January's high. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. If April renews the decline off January's high, the 87% retracement level of the December-January-rally crossing at 2.551. Closes above the 20-day moving average crossing at 2.745 are needed to confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2.715. Second resistance is the 20-day moving average crossing at 2.745. First support is the 87% retracement level of the December-January-rally crossing at 2.551. Second support is December's low crossing at 2.487.

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