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ENERGIES

June crude oil closed lower on Tuesday as renewed fears of a supply glut hit investor confidence ahead of weekly inventory data that are expected to show an increase in crude supplies. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are overbought 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 42.92 are needed to confirm that a short-term top has been posted. If June renews this year's rally, the reaction high crossing at 48.35 is the next upside target. First resistance is the reaction high crossing at 48.35. Second resistance is November's high crossing at 52.04. First support is the 20-day moving average crossing at 42.92. Second support is the reaction low crossing at 39.80.

June heating oil closed lower due to profit taking on Tuesday as it consolidates some of the rally off April's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 128.91 are needed to confirm that a short-term top has been posted. If June resumes this year's rally, the reaction high crossing at 151.65 is the next upside target. First resistance is last Friday's high crossing at 141.65. Second resistance is the reaction high crossing at 151.65. First support is the 20-day moving average crossing at 128.91. Second support is the reaction low crossing at 118.21.

June unleaded gas closed lower on Tuesday and below the 20-day moving average crossing at 152.23 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, the reaction low crossing at 141.54 is the next downside target. If June renews this year's rally, the reaction high crossing at 162.85 is the next upside target. First resistance is the reaction high crossing at 162.85. Second resistance is November's high crossing at 170.31. First support is the reaction low crossing at 141.54. Second support is April's low crossing at 137.22.

June Henry natural gas posted an inside day with a higher close on Tuesday as it consolidated some of Monday's losses. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off April's high, the reaction low crossing at 1.972 is the next downside target. Closes above last Friday's high crossing at 2.195 are needed to confirm that a short-term low has been posted. First resistance is the 62% retracement level of the January-March-decline crossing at 2.309. Second resistance is the 75% retracement level of the January-March-decline crossing at 2.409. First support is the reaction low crossing at 1.972. Second support is March's low crossing at 1.844.

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