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ENERGIES

August crude oil closed slightly higher on Friday as it consolidates some of the decline off May's high. The high-range close sets the stage for a steady to higher opening when Monday'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 August extends the decline off May's high, the 87% retracement level of the 2016-rally crossing at 39.60 is the next downside target. Closes above the 20-day moving average crossing at 46.07 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 44.26. Second resistance is the 20-day moving average crossing at 46.07. First support is the 75% retracement level of the 2016-rally crossing at 42.20. Second support is the 87% retracement level of the 2016-rally crossing at 39.60.

August heating oil closed slightly higher on Friday. The mid-range close sets the stage for a steady to lower opening when Monday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, the 75% retracement level of the 2016-rally crossing at 130.63 is the next downside target. Closes above the 20-day moving average crossing at 145.06 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 145.06. Second resistance is the reaction high crossing at 146.44. First support is Wednesday's low crossing at 136.09. Second support is the 75% retracement level of the 2016-rally crossing at 130.63.

August unleaded gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday'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 August extends the decline off May's high, the 87% retracement level of the 2016-2017-rally crossing at 131.87 is the next downside target. Closes above the 20-day moving average crossing at 149.35 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 143.83. Second resistance is the 20-day moving average crossing at 149.35. First support is Wednesday's low crossing at 139.02. Second support is the 87% retracement level of the 2016-2017-rally crossing at 131.87.

August Henry natural 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 are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 3.040 would temper the near-term bearish outlook. If August extends the decline off May's high, last November's low crossing at 2.815 is the next downside target. First resistance is the 20-day moving average crossing at 3.040. Second resistance is the 50-day moving average crossing at 3.233. First support is Thursday's low crossing at 2.875. Second support is last November's low crossing at 2.815.

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