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Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

ENERGIES

May crude oil closed higher on Thursday as it extends the rally off March's low. Today's high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI are overbought but are turning neutral to bullish again signaling that additional gains are possible near-term. If May extends the rally off March's low, weekly resistance crossing at 105.24 is the next upside target. Closes below the 20-day moving average crossing at 101.67 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 104.99. Second resistance is weekly resistance crossing at 105.24. First support is the 10-day moving average crossing at 103.08. Second support is the 20-day moving average crossing at 101.67.

May heating oil closed higher on Thursday as it extends the rally off this month's low. The high-range close sets the stage for a steady to higher opening when Monday's night trading begins. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off last week's low, the 87% retracement level of the March-April-decline crossing at 303.64 is the next upside target. Closes below the 20-day moving average crossing at 293.46 would confirm that a short-term top has been posted. First resistance is today's high crossing at 302.16. Second resistance is the 87% retracement level of the March-April-decline crossing at 303.64. First support is the 20-day moving average crossing at 293.46. Second support is April's low crossing at 284.92.

May unleaded gas closed higher on Thursday as it extends the rally off April's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the aforementioned rally, weekly resistance crossing at 316.32 is the next upside target. Closes below the 20-day moving average crossing at 295.32 would confirm that a short-term top has been posted. First resistance is today's high crossing at 306.60. Second resistance is weekly resistance crossing at 316.32. First support is the 10-day moving average crossing at 300.48. Second support is the 20-day moving average crossing at 295.32.

May Henry natural gas closed sharply higher on Thursday. Today's high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are turning neutral to bullish with today's rally signaling that sideways to higher prices are possible near-term. If May extends the rally off this month's low, March's high crossing at 4.893 is the next upside target. Closes below the 20-day moving average crossing at 4.479 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4.746. Second resistance is March's high crossing at 4.893. First support is the 20-day moving average crossing at 4.479. Second support is the 50% retracement level of the November-February-rally crossing at 4.195.

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