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ENERGIES

December Nymex crude oil was lower overnight. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off June's high, the 75% retracement level of the 2009-2011-rally crossing at 75.15 is the next downside target. Closes above the 20-day moving average crossing at 82.97 are needed to confirm that a low has been posted. First resistance is Wednesday's high crossing at 82.88. Second resistance is the 20-day moving average crossing at 82.97. First support is the reaction low crossing at 79.10. Second support is the 75% retracement level of the 2009-2011-rally crossing at 75.15.

December heating oil was lower overnight. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 250.93 are needed to confirm that a short-term low has been posted. If December resumes the decline off June's high, the 50% retracement level of the 2009-2014-rally on the monthly continuation chart crossing at 224.76 is the next downside target. First resistance is the 20-day moving average crossing at 250.93. Second resistance is the 25% retracement level of June-October-decline crossing at 258.41. First support is October's low crossing at 241.59. Second support is the 50% retracement level of the 2009-2014-rally on the monthly continuation chart crossing at 224.76.

December unleaded gas was lower overnight while extending October's trading range. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 218.44 are needed to confirm that a low has been posted. If December renews the decline off June's high, monthly support crossing at 205.95 is the next downside target. First resistance is the 20-day moving average crossing at 218.44. Second resistance is the 25% retracement level of the June-October-decline crossing at 225.94. First support is October's low crossing at 215.03. Second support is monthly crossing at 205.95.

December Henry natural gas was higher overnight and trading above the 20-day moving average. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 3.852 are needed to confirm that a low has been posted. If December renews this fall's decline, monthly support crossing at 3.379 is the next downside target. First resistance is the 20-day moving average crossing at 3.852. Second resistance is the reaction high crossing at 4.035. First support is Tuesday's low crossing at 3.620. Second support is monthly support crossing at 3.379.

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