Friday, March 27, 2009

Energy Daily Market Forecast

Crude Oil Outlook
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Energy

May crude oil closed higher on Thursday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, January's high crossing at 58.31 is the next upside target. Closes below the 20-day moving average crossing at 48.67 would confirm that a short-term top has been posted. First resistance is today's high crossing at 54.66. Second resistance is January's high crossing at 58.31. First support is the 10-day moving average crossing at 51.27. Second support is the 20-day moving average crossing at 48.67.

April heating oil closed higher on Thursday as it extends this month's rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bullish but very overbought warning bull's to use caution as a short-term top might be in or is near. Closes below the 10-day moving average crossing at 136.00 would temper the near-term friendly outlook in the market. Closes below the 20-day moving average crossing at 127.88 would confirm that a short-term top has been posted. If April extends this week's rally, the reaction high crossing at 154.67 is the next upside target. First resistance is today's high crossing at 150.50. Second resistance is January's high crossing at 154.67. First support is the 10-day moving average crossing at 136.00. Second support is the 20-day moving average crossing at 127.88.

April unleaded gas closed higher on Thursday extending this month's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If April extends this month's rally, the 25% retracement level of last year's decline crossing at 169.52 is the next upside target. Closes below the 20-day moving average crossing at 138.22 would confirm that a short-term top has been posted. First resistance is today's high crossing at 153.72. Second resistance is the 25% retracement level of last year's decline crossing at 169.52. First support is the 10-day moving average crossing at 144.10. Second support is the 20-day moving average crossing at 138.22.

April Henry natural closed sharply lower on Thursday and below the 20-day moving average crossing at 4.054 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. If April renews this year's decline, monthly support crossing at 3.390 is the next downside target. Closes above the reaction high crossing at 4.380 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 4.380. Second resistance is last Thursday's high crossing at 4.424. First support is today's low crossing at 4.889. Second support is last week's low crossing at 3.672.

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