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ENERGIES

March crude oil posted an inside day with a higher close on Thursday as it consolidates some of Wednesday's decline. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 51.63 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off November's low the 38% retracement level of the 2012-2016-decline crossing at 58.17 is the next upside target. First resistance is December's high crossing at 56.24. Second resistance is the 38% retracement level of the 2012-2016-decline crossing at 58.17. First support is the 50-day moving average crossing at 51.63. Second support is the reaction low crossing at 47.01.

March heating oil posted an inside day with a higher close on Thursday as it consolidated some of Wednesday's decline. The low-range close sets the stage for a steady to lower opening when Friday'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. Closes below the 50-day moving average crossing at 162.15 would open the door for a larger-degree decline during the last half of January. Closes above the 20-day moving average crossing at 168.53 would confirm that a short-term low has been posted. First resistance is January's high crossing at 177.44. Second resistance is the 50% retracement level of the 2015-2016-decline crossing at 195.30. First support is the 50-day moving average crossing at 162.15. Second support is the reaction low crossing at 149.31.

March unleaded gas closed lower on Thursday thereby renewing this month's decline. The low-range close sets the stage for a steady to lower opening when Friday'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 March extends the aforementioned decline, the 50-day moving average crossing at 154.14 is the next downside target. Closes above the 20-day moving average crossing at 163.82 would confirm that a short-term low has been posted. First resistance is January's high crossing at 172.42. Second resistance is the 50% retracement level of the 2015-2016-decline crossing at 178.31. First support is the 50-day moving average crossing at 154.14. Second support is the reaction low crossing at 139.04 is the next downside target.

March Henry natural gas closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. If March resumes the decline off January's high, the reaction low crossing at 3.065 is the next downside target. Closes above the 20-day moving average crossing at 3.424 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.424. Second resistance is the January 1st gap crossing at 3.649. First support is January's low crossing at 3.110. Second support is the reaction low crossing at 3.065.

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