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Market Commentary

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

ENERGIES

May crude oil closed sharply lower on Tuesday as it consolidated some of the rally off March's low. Today's low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 102.04 would confirm that a short-term top has been posted. If May extends the rally off March's low, weekly resistance crossing at 105.24 is the next upside target. First resistance is last Wednesday's high crossing at 104.99. Second resistance is weekly resistance crossing at 105.24. First support is the 20-day moving average crossing at 102.04. Second support is the reaction low crossing at 98.86.

May heating oil closed lower on Tuesday as it consolidates some of the rally off this month's low. The mid-range close sets the stage for a steady opening when Wednesday's night trading begins. 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 last week's low, the 87% retracement level of the March-April-decline crossing at 303.64 is the next upside target. Closes below the 20-day moving average crossing at 294.40 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 302.16. Second resistance is the 87% retracement level of the March-April-decline crossing at 303.64. First support is the 10-day moving average crossing at 297.61. Second support is the 20-day moving average crossing at 294.40.

May unleaded gas closed slightly higher on Tuesday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Wednesday'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 aforementioned rally, weekly resistance crossing at 316.32 is the next upside target. Closes below the 20-day moving average crossing at 297.26 would confirm that a short-term top has been posted. First resistance is today's high crossing at 310.00. Second resistance is weekly resistance crossing at 316.32. First support is the 10-day moving average crossing at 303.64. Second support is the 20-day moving average crossing at 297.26.

May Henry natural gas closed higher on Tuesday. Today's high-range close sets the stage for a steady to higher opening when Wednesday's 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 this month's low, February's high crossing at 4.893 is the next upside target. Closes below the 20-day moving average crossing at 4.523 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 4.789. Second resistance is February's high crossing at 4.893. First support is the 20-day moving average crossing at 4.523. Second support is the 50% retracement level of the November-February-rally crossing at 4.195.

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