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ENERGIES

March crude oil closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 March resumes the decline off June's high, monthly support crossing at 43.77 is the next downside target. Closes above the 20-day moving average crossing at 49.31 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 49.31. Second resistance is the reaction high crossing at 51.73. First support is today's low crossing at 44.35. Second support is monthly support crossing at 43.77.

March heating closed slightly lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night trading session begins. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 168.37 are needed to confirm that a low has been posted. If March renews this winter's decline, monthly support crossing at 148.17 is the next downside target. First resistance is the 20-day moving average crossing at 168.37. Second resistance is the reaction high crossing at 186.09. First support is the reaction low crossing at 156.23. Second support is monthly support crossing at 148.17.

March unleaded gas closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 139.70 are needed to confirm that a short-term low has been posted. If March resumes this winter's decline, weekly support crossing at 113.39 is the next downside target. First resistance is the 20-day moving average crossing at 139.70. Second resistance is the reaction high crossing at 153.16. First support is the reaction low crossing at 126.05. Second support is weekly support crossing at 113.39.

March Henry natural gas closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday's session begins trading. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this winter's decline, monthly support crossing at 2.501 is the next downside target. Closes above last Thursday's high crossing at 3.010 would temper the near-term bearish outlook. First resistance the reaction high crossing at 3.299. Second resistance is the December 22nd gap crossing at 3.442. First support is last Thursday's low crossing at 2.762. Second support is monthly support crossing at 2.501.

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