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ENERGIES

July Nymex crude oil was slightly higher due to short covering overnight as it consolidates some of this week's loss. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50% retracement level of the March-May-rally crossing at 55.50 is the next downside target. Closes above the 20-day moving average crossing at 59.92 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 59.92. Second resistance is the reaction high crossing at 62.75. First support is the 38% retracement level of the March-May-rally crossing at 57.41. Second support is the 50% retracement level of the March-May-rally crossing at 55.50.

July heating oil was higher due to short covering overnight as it consolidates some of this week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the aforementioned decline, the 50% retracement level of the January-May-rally crossing at 182.63 is the next downside target. Closes above the 20-day moving average crossing at 196.34 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 196.34. Second resistance is the reaction high at 203.29. Third resistance is May's high crossing at 206.22. First support is the 50% retracement level of the January-May-rally crossing at 182.63. Second support is the 62% retracement level of the January-May-rally crossing at 177.06.

July unleaded gas was higher due to short covering overnight as it consolidated some of this week's decline. Stochastics and the RSI are turning neutral to bullish following Thursday's upside reversal signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 201.32 are needed to confirm that a low has been posted. If July extends this week's decline, the reaction low crossing at 186.87 is the next downside target. First resistance is May's high crossing at 208.42. Second resistance is the 50% retracement level of the June-January-decling crossing at 220.79. First support is Thursday's low crossing at 192.29. Second support is the reaction low crossing at 186.87.

July Henry natural gas was lower overnight as it extends this week's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, April's low crossing at 2.540 is the next downside target. Closes above the 10-day moving average crossing at 2.909 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.909. Second resistance is May's high crossing at 3.150. First support is the overnight low crossing at 2.698. Second support is April's low crossing at 2.540.

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