Morning Energy Commentary

NYMEX CRUDE OIL

April crude oil was higher overnight as it extends the rally off this month's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If April extends the aforementioned rally off this month's low, the reaction high crossing at 94.46 is the next upside target. Closes below the 10-day moving average crossing at 92.51 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 94.46. Second resistance is the reaction high crossing at 97.49. First support is the 10-day moving average crossing at 92.51. Second support is this month's low crossing at 89.33.

April heating oil was lower overnight as it extends the decline off February's high. Stochastics and the RSI are diverging but remain neutral to bearish signaling that additional weakness is possible near-term. If April extends the decline off February's high, the 50% retracement level of the December-February rally crossing at 288.66 is the next downside target. Closes above the 20-day moving average crossing at 298.58 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 294.75. Second resistance is the 20-day moving average crossing at 298.58. First support is the 50% retracement level of the December-February rally crossing at 288.66. Second support is the 62% retracement level of the December-February rally crossing at 280.52. Continue reading "Morning Energy Commentary"

Energy Market Commentary

March crude oil was higher overnight as it extends the trading range of the past three-weeks. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below last Monday's low crossing at 94.97 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off November's low, the 87% retracement level of the September-November decline crossing at 99.78 is the next upside target. First resistance is this month's high crossing at 98.24. Second resistance is the 87% retracement level of the September-November decline crossing at 99.78. First support is last Monday's low crossing at 94.97. Second support is the 38% retracement level of the November-February rally crossing at 93.47. Continue reading "Energy Market Commentary"

Morning Energy Market Commentary

February crude oil was higher overnight as it extends the rally off December's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, October's high crossing at 94.87 then the 62% retracement level of the September-November decline crossing at 95.29 are the next upside targets. Closes below the 20-day moving average crossing at 91.26 are needed to confirm that a short-term top has been posted. First resistance is October's high crossing at 94.87. Second resistance is the 62% retracement level of the September-November decline crossing at 95.29. First support is the 10-day moving average crossing at 93.19. Second support is the 20-day moving average crossing at 91.26. Continue reading "Morning Energy Market Commentary"

Monday Morning Energy Commentary

January crude oil was slightly higher overnight as it extends the trading range of the past six weeks. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 89.80 are needed to confirm that a short-term low has been posted. If January renews the decline off September's high, the 87% retracement level of the June-September rally crossing at 82.36 is the next downside target. First resistance is the reaction high crossing at 89.80. Second resistance is the reaction high crossing at 93.98. First support is the reaction low crossing at 84.53. Second support is the 87% retracement level of the June-September rally crossing at 82.36.

January heating oil was slightly higher overnight while extending the trading range of the past six weeks. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If January renews November's rally, the reaction high crossing at 318.00 is the next upside target. Closes below the 20-day moving average crossing at 302.66 would confirm that a short-term top has been posted while opening the door for sideways to lower prices into early-December. First resistance is November's high crossing at 318.00. Second resistance is October's high crossing at 321.44. First support is the 20-day moving average crossing at 302.66. Second support is November's low crossing at 293.87. Continue reading "Monday Morning Energy Commentary"

Precious Metals Morning Commentary

December gold was higher due to short covering overnight as it consolidated some of this month's decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends this month's decline, the 38% retracement level of the May-October rally crossing at 1697.70 is the next downside target. Closes above the 20-day moving average crossing at 1762.90 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1762.90. Second resistance is this month's high crossing at 1798.10. First support is the overnight low crossing at 1714.40. Second support is the 38% retracement level of the May-October rally crossing at 1697.70. Continue reading "Precious Metals Morning Commentary"