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ENERGIES

May crude oil closed higher 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 62% retracement level of the 2014-2016-decline crossing at 70.46 is the next upside target. Closes below the 20-day moving average crossing at 65.48 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 69.56. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.46. First support is the 20-day moving average crossing at 65.48. Second support is April's low crossing at 61.81.

May heating oil closed higher on Friday as it extends this year's rally. The high-range close sets the stage for a steady to higher opening when Monday's night trading session 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 February's low, weekly resistance crossing at 216.58 is the next upside target. Closes below the 20-day moving average crossing at 203.97 are needed to confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 212.85. Second resistance is weekly resistance crossing at 216.58. First support is the 10-day moving average crossing at 208.07. Second support is the 20-day moving average crossing at 203.97.

May unleaded gas closed higher on Friday 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, diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, January's high crossing at 210.12 is the next upside target. Closes below the 20-day moving average crossing at 202.46 would confirm that a short-term top has been posted. First resistance is today's high crossing at 209.87. Second resistance is January's high crossing at 210.12. First support is the 10-day moving average crossing at 205.20. Second support is the 20-day moving average crossing at 202.46.

May Henry natural gas closed sharply higher on Friday as it erased most of Thursday's loss. 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 neutral signaling that sideways trading is possible near-term. Closes above Wednesday's high crossing at 2.790 would open the door for a possible test of March's high crossing at 2.831. If May renews the decline off March's high, February's low crossing at 2.600 is the next downside target. First resistance is Wednesday's high crossing at 2.790. Second resistance is March's high crossing at 2.831. First support is March's low crossing at 2.610. Second support is February's low crossing at 2.600. Third support is December's low crossing at 2.504.

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