Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

INO.com’s Daily Market Analysis

It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.

Privacy Policy

ENERGIES

March crude oil was steady to slightly higher overnight. Overnight trading sets the stage for a steady to higher opening when the day 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 March renews the rally off December's low, monthly resistance crossing at $92.96 is the next upside target. Closes below the 20-day moving average crossing at $80.83 would signal that a short-term top has been posted. First resistance is last-Thursday's high crossing at $87.10. Second resistance is monthly resistance on the monthly continuation chart crossing at $92.96. First support is the 20-day moving average crossing at $80.83. Second support is the January 10th low crossing at $77.34.

March heating oil was higher overnight as it extends the trading range of the past six-days. Overnight trading sets the stage for a higher opening when the day 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 March extends the rally off December's low, monthly resistance crossing at $2.7919 is the next upside target. Closes below the 20-day moving average crossing at $2.5058 would confirm that a short-term top has been posted. First resistance is last-Wednesday's high crossing at $2.6662. Second resistance is monthly resistance crossing at $2.7919. First support is the 20-day moving average crossing at $2.5058. Second support is the 38% retracement level of the December-January rally crossing at $2.4053.

March unleaded gas was higher overnight as it extended the rally off December's high and posted a new contract high in the process. The high-range trade overnight sets the stage for a higher opening when the day 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 March extends the rally off December's low, monthly resistance crossing at $2.5430 is the next upside target. Closes below the 20-day moving average crossing at $2.3631 would signal that a short-term top has been posted. First resistance is the overnight high crossing at $2.4972. Second resistance is monthly resistance crossing at $2.5430. First support is the 20-day moving average crossing at $2.3631. Second support is the 38% retracement level of the December-January rally crossing at $2.2535.

March Henry natural gas was higher overnight as it extends the rally off last-Thursday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.964 would signal that a short-term low has been posted. If March renews the decline off January's high, December's low crossing at 3.416 is the next downside target. First resistance is the 50-day moving average crossing at 3.964. Second resistance is the 38% retracement level of the October-December decline crossing at 4.450. First support is last-Thursday's low crossing at 3.629. Second support is December's low crossing at 3.416.