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ENERGIES

December Nymex crude oil was lower overnight. 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 50.04 are needed to confirm that a short-term top has been posted. If December extends the rally off June's low, 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 50.04. Second support is the reaction low crossing at 48.09.

December heating oil was slightly lower overnight. Stochastics and the RSI 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 173.30 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 173.30. Second support is the 38% retracement level of the June-September-rally crossing at 168.32.

December unleaded gas was slightly lower overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. 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, the 75% retracement level of the 2014-2016-decline crossing at 165.03 is the next upside target. First resistance is the overnight high crossing at 165.50. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 165.03. First support is the 20-day moving average crossing at 159.07. Second support is the 50-day moving average crossing at 154.71.

December Henry natural gas was higher overnight as it extends the rebound off last Thursday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 3.167 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 3.167. 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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