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ENERGIES

May crude oil closed higher on Friday as it consolidates some of this week's decline. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, November's low crossing at 45.78 is the next downside target. Closes above the 20-day moving average crossing at 50.65 are needed to confirm that a low has been posted. First resistance is last Thursday's high crossing at 50.14. Second resistance is the 20-day moving average crossing at 52.81. First support is the 87% retracement level of the November-January-rally crossing at 47.30. Second support is November's low crossing at 45.78.

May heating oil closed higher due to short covering on Friday while extending the trading range of the past two-weeks. The mid-range close sets the stage for a steady opening when Monday's night trading session begins. Stochastics and the RSI are oversold, diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, the 87% retracement level of the November-January-rally crossing at 147.30 is the next downside target. Closes above the 20-day moving average crossing at 155.39 are needed to confirm that a low has been posted. First resistance is Tuesday's high crossing at 154.28. Second resistance is the 20-day moving average crossing at 155.39. First support is Wednesday's low crossing at 148.25. Second support is the 87% retracement level of the November-January-rally crossing at 147.30.

May unleaded gas closed higher on Friday while extending the trading range of the past two-weeks. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May resumes the decline off January's high, the 87% retracement level of the November-January-rally crossing at 157.18 is the next downside target. Closes above the 20-day moving average crossing at 165.16 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 165.16. Second resistance is the reaction high crossing at 173.03. First support is the 87% retracement level of the November-January-rally crossing at 157.18. Second support is November's low crossing at 152.37.

May Henry natural gas closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the reaction high crossing at 3.311 is the next upside target. Closes below the 20-day moving average crossing at 3.007 are needed to confirm that a short-term low has been posted. First resistance is Tuesday's high crossing at 3.167. Second resistance is the reaction high crossing at 3.311. First support is the 20-day moving average crossing at 3.007. Second support is February's low crossing at 2.943.

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