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ENERGIES

November crude oil closed sharply higher on Wednesday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $84.13 would signal that a short-term low has been posted. If November extends the decline off August's high, the 50% retracement level of the 2021-2022 rally crossing at $74.38 is the next downside target. First resistance is the 20-day moving average crossing at 84.13. Second resistance is the 50-day moving average crossing at $88.31. First support is the 50% retracement level of the 2021-2022 rally crossing at $74.38. Second support is the 62% retracement level of the 2021-2022 rally crossing at 65.20.

November heating oil closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night trading session begins. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 3.4805 would signal that a short-term low has been posted. If November extends the decline off August's high, the 50% retracement level of the 2020-2022 rally crossing at 2.7293 is the next downside target. First resistance is the 20-day moving average crossing at 3.4805. Second resistance is the September 6th high crossing at 3.6996. First support is the 38% retracement level of the 2021-2022 rally crossing at 3.0693. Second support is the 50% retracement level of the 2021-2022 rally crossing at 3.7293.

November unleaded gas closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at $2.5332 would confirm that a short-term low has been posted. If November renews the decline off June's high, the 50% retracement level of the 2021-2022 rally crossing at $2.1346 is the next downside target. First resistance is the 50-day moving average crossing at $2.5332. Second resistance is August's high crossing at $2.7173. First support is the September low crossing at 2.2487. Second support is the 50% retracement level of the 2021-2022 rally crossing at $2.1346.

November Henry natural gas closed higher due to short covering on Wednesday as it consolidates some of the decline off August's high. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off August's high, the 87% retracement level of the June-August rally crossing at 6.048 is the next downside target. Closes above the 20-day moving average crossing at 7.989 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 7.449. Second resistance is the 20-day moving average crossing at 7.989. First support is the 75% retracement level of the July-August rally crossing at 6.598. Second support is the 87% retracement level of the July-August rally crossing at 6.048.