NYMEX CRUDE OIL
April crude oil was higher overnight as it extends the rally off this month's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally off this month's low, the reaction high crossing at 94.46 is the next upside target. Closes below the 10-day moving average crossing at 92.51 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 94.46. Second resistance is the reaction high crossing at 97.49. First support is the 10-day moving average crossing at 92.51. Second support is this month's low crossing at 89.33.
April heating oil was lower overnight as it extends the decline off February's high. Stochastics and the RSI are diverging but remain neutral to bearish signaling that additional weakness is possible near-term. If April extends the decline off February's high, the 50% retracement level of the December-February rally crossing at 288.66 is the next downside target. Closes above the 20-day moving average crossing at 298.58 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 294.75. Second resistance is the 20-day moving average crossing at 298.58. First support is the 50% retracement level of the December-February rally crossing at 288.66. Second support is the 62% retracement level of the December-February rally crossing at 280.52. Continue reading "Morning Energy Commentary"
