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ENERGIES

November crude oil closed lower on Wednesday as it extended Tuesday's loss, which also posted a key reversal down signaling an end to the corrective rally off September's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If November resumes the decline off June's high, the 50% retracement level of the 2009-2011-rally crossing at 85.77 is the next downside target. Closes above the reaction high crossing at 95.07 are needed to confirm that a low has been posted. First resistance is Tuesday's high crossing at 94.90. Second resistance is the reaction high crossing at 95.07. First support is is the 38% retracement level of the 2009-2011-rally crossing at 90.75. Second support is the 50% retracement level of the 2009-2011-rally crossing at 85.77.

November heating closed higher due to short covering on Wednesday but remains below the 87% retracement level of the 2013-2014-rally crossing at 266.35. The low-range close sets the stage for a steady to lower opening when Thursday's night trading begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this summer's decline, the June 2012 low crossing at 259.97 is the next downside target. Closes above the 20-day moving average crossing at 273.77 are needed to confirm that a low has been posted. First resistance is Tuesday's high crossing at 272.02. Second resistance is the 20-day moving average crossing at 273.77. First support is Tuesday's low crossing at 263.78. Second support is the June 2012 low crossing at 259.97.

November unleaded gas posted an inside day with a higher close on Wednesday as it consolidated some of Tuesday's loss. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends Tuesday's decline, the 62% retracement level of the 2012-2014-rally crossing at 239.41 is the next upside target. Closes above the reaction high crossing at 255.86 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 255.86. Second resistance is September's high crossing at 259.33. First support is Tuesday's low crossing at 242.09. Second support is the 62% retracement level of the 2012-2014-rally crossing at 239.41.

November Henry natural gas closed lower due to profit taking on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.978 would confirm that a short-term top has been posted. Multiple closes above the late-August high crossing at 4.163 are needed to confirm an upside breakout of the late-summer trading range. Closes below July's low crossing at 3.786 would confirm a downside breakout of the late-summer trading range. First resistance is today's high crossing at 4.184. Second resistance is the reaction high crossing at 4.487. First support is the reaction low crossing at 3.812. Second support is July's low crossing at 3.786.

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