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ENERGIES

July Nymex crude oil was lower overnight as it extends this week's decline. 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 70.39 are needed to confirm that a short-term top has been posted. If July renews the rally off February's low, the 75% retracement level of the 2014-2016-decline crossing at 77.19 is the next upside target. First resistance is Tuesday's high crossing at 72.90. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 77.19. First support is the 20-day moving average crossing at 70.39. Second support is the 50-day moving average crossing at 67.32.

July heating 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 20-day moving average crossing at 221.05 would confirm that a short-term top has been posted. If July renews the rally off March's low, the contract high crossing at 235.75 is the next upside target. First resistance is last Thursday's high crossing at 229.87. Second resistance is the the contract high crossing at 235.75. First support is the 20-day moving average crossing at 221.05. Second support is the 50-day moving average crossing at 210.58.

July unleaded gas was sharply lower overnight as it extends this week's decline. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 217.89 would confirm that a short-term top has been posted. If July renews the rally off March's low, monthly resistance crossing at 248.43 is the next upside target. First resistance is Tuesday's high crossing at 228.04. Second support is monthly resistance crossing at 248.43. First support is the 20-day moving average crossing at 217.89. Second support is the 50-day moving average crossing at 208.94.

July Henry natural gas was higher overnight as it extends the rally off May's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month's rally, January's high crossing at 3.010 is the next upside target. Closes below the 20-day moving average crossing at 2.844 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 2.987. Second resistance is January's high crossing at 3.010. First support is the 10-day moving average crossing at 2.898. Second support is the 20-day moving average crossing at 2.843.

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