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Weak

Market Commentary

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

ENERGIES

September crude oil closed slightly lower on Friday. The high-range close sets the stage for a steady to higher opening when Monday's night session begins. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, June's high crossing at 106.64 is the next upside target. Closes below the 10-day moving average crossing at 101.72 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 101.72. Second support is last Tuesday's low crossing at 98.68.

September heating oil closed higher on Friday and above the 20-day moving average crossing at 292.09 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Monday's night trading begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends today's rally, the reaction high crossing at 299.30 is the next upside target. Closes below the 10-day moving average crossing at 302.53 would temper the near-term friendly outlook. First resistance is today's high crossing at 292.54. Second resistance is the reaction high crossing at 299.30. First support is last Tuesday's low crossing at 284.05. Second support is the June 2013 low crossing at 283.12.

September unleaded gas closed higher on Friday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, the 75% retracement level of this year's rally crossing at 276.41 is the next downside target. Closes above the 20-day moving average crosing at 290.47 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crosing at 285.22. Second resistance is the 20-day moving average crossing at 290.47. First support is Thursday's low crossing at 280.59. Second support is the 75% retracement level of this year's rally crossing at 276.41.

September Henry natural gas closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday'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 September extends the decline off June's high, last November's low crossing at 3.582 is the next downside target. Closes above the 20-day moving average crossing at 4.108 are needed to confirm that a short-term low has been posted. First resistance is Monday's gap crossing at 3.938. Second resistance is the 20-day moving average crossing at 4.108. First support is Thursday's low crossing at 3.759. Second support is last November's low crossing at 3.582.

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