Market Commentary and Analysis

Trader's Blog

Indexes Trigger Monthly Trade Triangles

23 hours ago

BNY Mellon With Truly Fee-Free ETF

2 days ago

U.S. Crude Oil Production Peaked In November

3 days ago

Election Year Cycles - What To Expect

4 days ago

Are Palladium, Gold And Silver Set To Takeoff?

5 days ago

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 https://quotes.ino.com/exchanges/?c=energy

July crude oil closed higher on Friday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April's low, the 50% retracement level of the January-April-decline crossing at $40.12 is the next upside target. Closes below the 20-day moving average crossing at $32.37 would confirm that a short-term top has been posted. First resistance is today's high crossing at $39.68. Second resistance is the 50% retracement level of the January-April-decline crossing at $40.12. First support is the 20-day moving average crossing at $32.37. Second support is the 50-day moving average crossing at $28.89.

July heating oil closed higher on Friday and above the 25% retracement level of the February-April-decline crossing at $107.30 as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Monday's night trading session begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices is possible near-term. If July extends the rally off April's low, April's high crossing at $118.84 is the next upside target. Closes below the 20-day moving average crossing at $100.42 would confirm that a short-term top has been posted. First resistance is today's high crossing at $115.26. Second resistance is April's high crossing at$118.84. First support is the 20-day moving average crossing at $100.42. Second support is the May 13th low crossing at $84.87.

July unleaded gas closed higher on Friday as it extends this week's rally above the 38% retracement level of the February-April-decline crossing at 109.16. 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 July extends the rally off April's low, the 50% retracement level of the January-March-decline crossing at 125.43 is the next upside target. Closes below the 20-day moving average crossing at 103.69 would confirm that a short-term top has been posted. First resistance is today's high crossing at 121.70. Second resistance is the 50% retracement level of the January-March-decline decline crossing at 125.43. First support is the 20-day moving average crossing at 103.69. Second support is the 50-day moving average crossing at 88.66.

July Henry natural gas closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.887 are needed to confirm that a short-term low has been posted. If July renews the decline off May's high, weekly support on the weekly continuation chart crossing at 1.519 is the next downside target. First resistance is the 20-day moving average crossing at 1.887. Second resistance is the May 19th high crossing at 2.027. First support is Monday's low crossing at 1.742. Second support is the weekly continuation chart crossing at 1.519.