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ENERGIES

December Nymex crude oil was lower overnight as it consolidates some of the rally off October's low. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 49.97 are needed to confirm that a short-term top has been posted. If December extends the aforementioned rally, September's high crossing at 53.11 is the next upside target. First resistance is September's high crossing at 53.11. Second resistance is the 75% retracement level of the January-June-decline crossing at 54.60. First support is the 50-day moving average crossing near 49.97. Second support is the reaction low crossing at 48.09.

December heating oil was lower overnight. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing near 172.89 would confirm the a short-term top has been posted. If December resumes the rally off October's low, September's high crossing at 185.25 is the next upside target. First resistance is September's high crossing at 185.25. Second resistance is the August-2015 high crossing at 194.02. First support is the 50-day moving average crossing at 172.89. Second support is the 38% retracement level of the June-September-rally crossing at 168.32.

December unleaded gas was lower overnight. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 154.25 would confirm that a short-term top has been posted. If December extends the rally off October's low, September's high crossing at 165.03 is the next upside target. First resistance is Thursday's high crossing at 163.20. Second resistance is September's high crossing at 165.03. First support is the 38% retracement level of the June-September-rally crossing at 150.29. Second support is the 50% retracement level of the June-September-rally crossing at 145.69.

December Henry natural gas was slightly higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.168 would confirm that a short-term low has been posted. If December resumes the decline off September's high, last April's low crossing at 2.794 is the next downside target. First resistance is the 50-day moving average crossing at 3.168. Second resistance is the reaction high crossing at 3.089. Third resistance is September's high crossing at 3.214. First support is October's low crossing at 3.013. Second support is last April's low crossing at 2.943.

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