Morning Energy Commentary

June crude oil was lower due to profit taking overnight as it consolidates some of the rally off April's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, April's high crossing at 98.06 is the next upside target. Multiple closes below the 20-day moving average crossing at 91.93 would confirm that a short-term top has been posted. First resistance is April's high crossing at 98.06. Second resistance is February's high crossing at 99.52. First support is the 10-day moving average crossing at 93.85. Second support is the 20-day moving average crossing at 91.93.

June heating oil was lower overnight as it consolidates some of the rally off April's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the February-April uptrend line crossing near 295.58 is the next upside target. Closes below the 20-day moving average crossing at 284.23 would confirm that a short-term top has been posted. Continue reading "Morning Energy Commentary"

Energy Market Commentary

September crude oil was lower overnight due to renewed concerns over Europe's debt crisis along with warnings from China that its economy is also slowing down more that previously expected. Stochastics and the RSI have turned bearish with the decline off last Thursday's high signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 85.43 would confirm that a short-term top has been posted. Continue reading "Energy Market Commentary"

Energy Market Commentary for Thursday

August crude oil was higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but remains bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the 38% retracement level of this year's decline crossing at 90.43 is the next upside target. Closes below the 20-day moving average crossing at 84.49 would temper the near-term friendly outlook in August crude oil. Continue reading "Energy Market Commentary for Thursday"

Energy Market Commentary

August crude oil was higher overnight and poised to renew the rally off June's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off June's low, the 38% retracement level of this year's decline crossing at 90.43 is the next upside target. Closes below the 20-day moving average crossing at 83.70 would temper the near-term friendly outlook in August crude oil. Continue reading "Energy Market Commentary"

Energy Market Morning Report

August crude oil was higher overnight as it extended the rally off last Thursday's low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June's low, the reaction high crossing at 87.32 is the next upside target. If August renews this year's decline, the 75% retracement level of the 2009-2011-rally crossing at 73.28 is the next downside target. First resistance is the reaction high crossing at 87.32. Second resistance is the reaction high crossing at 92.52. First support is last Thursday's low crossing at 77.28. Second support is the 75% retracement level of the 2009-2011-rally crossing at 73.28. Continue reading "Energy Market Morning Report"