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ENERGIES

February crude oil closed slightly lower on Thursday as it consolidates around the 50% retracement level of the 2014-2016-decline crossing at 64.11. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The mid-range close sets the stage for a steady to lower opening when Friday's night session begins. If February resumes this winter's rally, the 62% retracement level of the 2014-2016-decline crossing at 70.21 is the next upside target. Closes below the 20-day moving average crossing at 61.31 would confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 64.89. Second resistance is the 62% retracement level of the 2014-2016-decline crossing at 70.21. First support is the 10-day moving average crossing at 63.22. Second support is the 20-day moving average crossing at 61.31.

February heating oil closed slightly lower on Thursday as it extends the trading range of the past three-weeks. The mid-range close sets the stage for a steady opening when Friday's night trading session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 204.17 would confirm that a short-term top has been posted. If February renews the rally off October's low, the 87% retracement level of the 2014-2016-decline crossing at 222.40 is the next upside target. First resistance is the 75% retracement level of the 2014-2016-decline crossing at 208.60. Second resistance is the 87% retracement level of the 2014-2016-decline crossing at 222.40. First support is the 20-day moving average crossing at 204.17. Second support is the 50-day moving average crossing at 197.16.

February unleaded gas closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, weekly resistance crossing at 192.35 is the next upside target. Closes below the 20-day moving average crossing at 180.19 would confirm that a short-term top has been posted. First resistance is today's high crossing at 188.59. Second resistance is weekly resistance crossing at 192.35. First support is the 20-day moving average crossing at 180.19. Second support is the 50-day moving average crossing at 176.64.

February Henry natural gas closed lower on Thursday as it consolidates some of the rally off December's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If February extends the rally off December's low, November's high crossing at 3.320 is the next upside target. Closes below the 20-day moving average crossing at 2.913 are needed to confirm that a short-term top has been posted. First resistance is November's high crossing at 3.320. Second resistance is September's high crossing at 3.446. First support is the 10-day moving average crossing at 3.029. Second support is the 20-day moving average crossing at 2.913.

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