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ENERGIES

January crude oil closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above November's high crossing at 57.05 or below November's low crossing at 55.00 are needed to confirm a breakout of the November-December trading range. First resistance is November's high crossing at 57.05. Second resistance is weekly resistance crossing at 60.00. First support is November's low crossing at 55.00. Second support is the 38% retracement level of the June-November-rally crossing at 53.04.

January heating oil closed slightly lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 185.97 would confirm that a short-term top has been posted. If January resumes the rally off October's low, the 50% retracement level of the 2014-2016-decline crossing at 198.69 is the next upside target. First resistance is the 50% retracement level of the 2014-2016-decline crossing at 198.69. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 216.85. First support is the reaction low crossing at 185.97. Second support is November's low crossing at 185.45.

January unleaded 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 remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, the 38% retracement level of the June-November-rally crossing at 160.49 is the next downside target. Closes above the 20-day moving average crossing at 172.16 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 179.40. Second resistance is November's high crossing at 181.51. First support is Wednesday's low crossing at 164.38. Second support is the 38% retracement level of the June-November-rally crossing at 160.49.

January Henry natural gas closed lower on Friday as it extends the decline off November's high. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If January extends the decline off November's high, weekly support crossing at 2.522 is the next downside target. Closes above the 20-day moving average crossing at 2.935 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.785. Second resistance is the 20-day moving average crossing at 2.935. First support is today's low crossing at 2.581. Second support is weekly support crossing at 2.522.

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