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Market Commentary

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

ENERGIES

September crude oil closed lower on Thursday and the low-range close sets the stage for a steady to lower opening when Friday's night session begins. If September extends the rally off July's low, June's high crossing at 106.64 is the next upside target. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing at 101.54 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 103.45. Second resistance is June's high crossing at 106.64. First support is the 10-day moving average crossing at 101.54. Second support is last Tuesday's low crossing at 98.68.

August heating oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday's night trading begins. 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 287.18 would confirm that a low has been posted. If August resumes this month's decline, the June 2013 low crossing at 278.50 is the next downside target. First resistance is today's high crossing at 288.52. Second resistance is the 20-day moving average crossing at 289.57. First support is last Tuesday's low crossing at 282.58. Second support is the June 2013 low crossing at 278.50.

August unleaded gas closed lower on Thursday. 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 August extends the decline off June's high, the 75% retracement level of this year's rally crossing at 280.40 is the next downside target. Closes above the 20-day moving average crosing at 294.49 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crosing at 288.29. Second resistance is the 20-day moving average crossing at 294.49. First support is today's low crossing at 282.74. Second support is the 75% retracement level of this year's rally crossing at 280.40.

August Henry natural gas closed higher due to short covering on Thursday as it consolidates some of this summer's decline. The high-range close sets the stage for a steady to higher opening when Friday's 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 August extends the decline off June's high, last November's low crossing at 3.593 is the next downside target. Closes above the 20-day moving average crossing at 4.141 are needed to confirm that a short-term low has been posted. First resistance is Monday's gap crossing at 3.934. Second resistance is the 10-day moving average crossing at 3.964. Third resistance is the 20-day moving average crossing at 4.141. First support is today's low crossing at 3.744. Second support is last November's low crossing at 3.593.

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