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ENERGIES

May crude oil closed lower due to light profit taking on Friday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower 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. Multiple closes above February's high crossing at 56.08 are needed to confirm an upside breakout of this year's trading range. Closes below the 20-day moving average crossing at 50.98 would confirm that a short-term top has been posted. First resistance is February's high crossing at 56.08. Second resistance is the reaction high crossing at 59.90. First support is the 10-day moving average crossing at 53.32. Second support is the 20-day moving average crossing at 50.98.

May heating closed lower due to profit taking on Friday as it consolidated some of this month's rally. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, February's high crossing at 193.83 is the next upside target. Closes below the 20-day moving average crossing at 176.18 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 192.65. Second resistance is February's high crossing at 193.83. First support is the 10-day moving average crossing at 180.06. Second support is the 20-day moving average crossing at 176.18.

May unleaded gas closed lower on Friday as it consolidates some of this month's rally. The mid-range close sets the stage for a steady 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 May extends this month's rally, February's high crossing at 197.95 is the next upside target. Closes below the 20-day moving average crossing at 182.60 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 195.48. Second resistance is February's high crossing at 197.95. First support is the 20-day moving average crossing at 182.60. Second support is the 62% retracement level of the January-February-rally crossing at 169.78.

May Henry natural gas closed lower due to profit taking on Friday as it consolidates some of this week's rally. The low-range close sets the stage for a steady to lower opening when Monday's session begins trading. Stochastics and the RSI are neutral to bullish signaling that a short-term low might be in or is near. If May extends this week's rally, the reaction high crossing at 2.833 is the next upside target. If May renews the decline off November's high, monthly support crossing at 2.168 is the next downside target. First resistance today's high crossing at 2.693. Second resistance is the reaction high crossing at 2.833. First support is Monday's low crossing at 2.475. Second support is monthly support crossing at 2.168.

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