November crude oil was slightly higher overnight as it extends the trading range of the past four days. Stochastics and the RSI remain neutral to bullish hinting that a short-term low might be in or is near. Closes above last Wednesday's high crossing at 93.66 are needed to confirm that a short-term low has been posted. If November renews the decline off September's high, the 62% retracement level of the June-September rally crossing at 87.19 is the next downside target. First resistance is last Wednesday's high crossing at 93.66. Second resistance is the reaction high crossing at 98.60. First support is the 62% retracement level of the June-September rally crossing at 87.19. Second support is the 75% retracement level of the June-September rally crossing at 84.29. Continue reading "Morning Energy Commentary"
Tag: Morning Commentary
Morning Energy Market Commentary
November crude oil was higher due to short covering overnight as it consolidated some of Wednesday's decline. Stochastics and the RSI are turning bearish again signaling that sideways to lower prices are possible near-term. If November extends the decline off September's high, the 62% retracement level of the June-September rally crossing at 87.19 is the next downside target. Closes above the 20-day moving average crossing at 93.75 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 91.14. Second resistance is the 20-day moving average crossing at 93.75. First support is the 62% retracement level of the June-September rally crossing at 87.19. Second support is the 75% retracement level of the June-September rally crossing at 84.29. Continue reading "Morning Energy Market Commentary"
Energy Market Commentary
November crude oil was higher overnight as it consolidates around the 38% retracement level of the June-September rally crossing at 92.39. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends this month's decline, the 50% retracement level of the June-September rally crossing at 89.76 is the next downside target. Closes above the 20-day moving average crossing at 95.77 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 95.62. Second resistance is this month's high crossing at 100.73. First support is last Thursday's low crossing at 90.96. Second support is the 50% retracement level of the June-September rally crossing at 89.79. Continue reading "Energy Market Commentary"
Morning Currency Commentary
The December Dollar was higher overnight as it extended the short covering rally off last Friday's low. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 80.67 are needed to confirm that a short-term low has been posted. If December extends the decline off July's high, weekly support crossing at 78.55 is the next downside target. First resistance is the 10-day moving average crossing at 79.64. Second resistance is the 20-day moving average crossing at 80.67. First support is last Friday's low crossing at 78.72. Second support is weekly support crossing at 78.55. Continue reading "Morning Currency Commentary"
Precious Metal Morning Commentary
October gold was higher overnight as it consolidates around the 75% retracement level of this year's decline crossing at 1734.00. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off May's low, the 87% retracement level of this year's decline crossing at 1767.20 is the next upside target. Closes below the 20-day moving average crossing at 1678.30 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 1747.00. Second resistance is the 87% retracement level of this year's decline crossing at 1767.20. First support is the 10-day moving average crossing at 1709.00. Second support is the 20-day moving average crossing at 1678.30. Continue reading "Precious Metal Morning Commentary"
