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ENERGIES

September crude oil closed lower on Tuesday and spiked below the 50% retracement level of the January-June-rally crossing at 42.83 as it extends the decline off June's low. The mid-range close sets the stage for a steady opening when Wednesday's night session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 62% retracement level of the January-June-rally crossing at 40.46 is the next downside target. Closes above the 20-day moving average crossing at 46.45 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 46.45. Second resistance is the reaction high crossing at 50.70. First support is today's low crossing at 42.36. Second support is the 62% retracement level of the January-June-rally crossing at 40.46.

September heating oil closed slightly higher on Tuesday but remains below broken support marked by the 38% retracement level of the January-June-rally crossing at 136.46. The mid-range close sets the stage for a steady opening when Wednesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 50% retracement level of the January-June-rally crossing at 129.23 is the next downside target. Closes above the 20-day moving average crossing at 144.22 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 144.22. Second resistance is the reaction high crossing at 156.51. First support is today's low crossing at 133.73. Second support is the 50% retracement level of the January-June-rally crossing at 129.23.

September unleaded gas closed higher on Tuesday as it consolidates some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Wednesday'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 September extends the decline off May's high, the 75% retracement level of the February-June-rally crossing at 124.59 is the next downside target. Closes above the 20-day moving average crossing at 141.84 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 141.84. Second resistance is the reaction high crossing at 155.00. First support is the 62% retracement level of the February-June-rally crossing at 131.43. Second support is the 75% retracement level of the February-June-rally crossing at 124.59.

September Henry natural gas closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to lower prices are possible near-term. Multiple closes above the 20-day moving average crossing at 2.752 are needed to confirm that a short-term low has been posted. If September renews the decline off July's high, the 50% retracement level of the February-July-rally crossing at 2.502 is the next downside target. First resistance is the reaction high crossing at 2.855. Second resistance is July's high crossing at 2.990. First support is last Thursday's low crossing at 2.591. Second support is the 50% retracement level of the February-July-rally crossing at 2.502.

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