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ENERGIES

August Nymex crude oil was higher overnight as it rebounded from a Brexit-fueled selloff that sent crude futures to a seven-week low on concerns of a slowdown in the global economy. The threat of a union strike by Norwegian oil and gas workers also lifted prices. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the 38% retracement level of the January-June-rally crossing at 44.71 is the next downside target. Closes above the 20-day moving average crossing at 49.25 would signal that a short-term low has been posted. First resistance is last Wednesday's high crossing at 50.54. Second resistance is June's high crossing at 52.28. First support is Monday's low crossing at 45.83. Second support is the 38% retracement level of the January-June-rally crossing at 44.71.

August heating oil was higher due to short covering overnight. Stochastics and the RSI are neutral to bearish but diverging, which suggest that a short-term low might be in or is near. If August renews the decline off June's high, the 38% retracement level of the January-June-rally crossing at 135.01 is the next downside target. Closes above last Wednesday's high crossing at 154.52 would confirm that a short-term low has been posted. First resistance is last Wednesday's high crossing at 154.52. Second resistance is June's high crossing at 158.76. First support is the 25% retracement level of the January-June-rally crossing at 143.26. Second support is the 38% retracement level of the January-June-rally crossing at 135.01.

August unleaded gas was higher due to short covering overnight as it consolidates some of the decline off last Friday's high. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the 38% retracement level of the February-May-rally crossing at 135.01 is the next downside target. Closes above last Wednesday's high crossing at 154.52 are needed to confirm that a low has been posted. First resistance is last Wednesday's high crossing at 154.52. Second resistance is June's high crossing at 158.76. First support is the 25% retracement level of the February-May-rally crossing at 143.26. Second support is the 38% retracement level of the February-May-rally crossing at 135.01.

August Henry natural gas was higher overnight and is poised to renew the rally off May's low. Stochastics and the RSI are diverging but turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August resumes the rally off May's low, weekly resistance crossing at 2.828 is the next upside target. Closes below the 20-day moving average crossing at 2.644 would confirm that a short-term top has been posted. First resistance is last Tuesday's high crossing at 2.812. Second resistance is weekly resistance crossing at 2.828. First support is the 20-day moving average crossing at 2.645. Second support is the reaction low crossing at 2.605.

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