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ENERGIES

March crude oil was higher overnight as it extends the rally off Monday's low. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $78.65 would confirm that a short-term low has been posted. If March renews the decline off January's high, December's low crossing at $70.56. First resistance is the 20-day moving average crossing at $78.65. Second resistance is January's high crossing at $82.66. First support is Monday's low crossing at $72.25. Second support is December's low crossing at $70.56.

March heating oil is was higher overnight as it consolidates some of the decline off January's high. Overnight trading sets the stage for a higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $3.1162 would signal that a short-term low has been posted. If March renews the decline off January's high, the 50% retracement level of the 2020-2022 rally crossing at $2.5401 is the next downside target. First resistance is the 10-day moving average crossing at 2.9928. Second resistance is the 20-day moving average crossing at $3.1162. First support is Monday's low crossing at $2.6653. Second support is the 50% retracement level of the 2020-2022 rally crossing at $2.5401.

March unleaded gas was higher overnight as it extends the rally off Monday's low. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at $2.5278 would signal that a short-term low has been posted. If March renews the decline off January's high, January's low crossing at $2.2439 is the next downside target. First resistance is the 20-day moving average crossing at $2.5278. Second resistance is January's high crossing at $2.7186. First support is January's low crossing at $2.2439. Second support is the December 16th low crossing at $2.1299.

March natural gas was steady to slightly lower overnight. Overnight trading sets the stage for a steady to slightly lower opening when the day 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 March extends the decline off November's high, the December-2020 low on the monthly continuation chart crossing at 2.238 is the next downside target. Closes above the 20-day moving average crossing at 2.881 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 2.881. Second resistance is the January 24th high crossing at 3.300. First support is last-Friday's low crossing at 2.341. Second support is the December-2020 low on the monthly continuation chart crossing at 2.238.

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