June crude oil was lower due to profit taking overnight as it consolidates some of the rally off April's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off April's low, April's high crossing at 98.06 is the next upside target. Multiple closes below the 20-day moving average crossing at 91.93 would confirm that a short-term top has been posted. First resistance is April's high crossing at 98.06. Second resistance is February's high crossing at 99.52. First support is the 10-day moving average crossing at 93.85. Second support is the 20-day moving average crossing at 91.93.
June heating oil was lower overnight as it consolidates some of the rally off April's low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the February-April uptrend line crossing near 295.58 is the next upside target. Closes below the 20-day moving average crossing at 284.23 would confirm that a short-term top has been posted. Continue reading "Morning Energy Commentary"
