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ENERGIES https://quotes.ino.com/exchanges/?c=energy
January crude oil was steady to slightly lower overnight as it consolidates some of the rally off Wednesday's low. The mid-range overnight trade sets the stage for a steady to 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. Multiple closes below the 50-day moving average crossing at 55.58 are needed to confirm that a short-term top has been posted. If January extends the rally off October's low, the 75% retracement level of the September-October-decline crossing at 58.77 is the next upside target. First resistance is the 75% retracement level of the September-October-decline crossing at 58.77. Second resistance is the 87% retracement level of the September-October-decline crossing at 60.07. First support is Wednesday's low crossing at 54.85. Second support is the reaction low crossing at 53.84.
January heating oil was slightly higher overnight while extending the October-November trading range. The high-range overnight trade sets the stage for a steady to 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. If January extends the rally off the October low, the September 16th high crossing at 207.82 is the next upside target. Closes below Wednesday's low crossing at 184.41 would open the door for a test of October's low crossing at 180.42. First resistance is October's high crossing at 197.02. Second resistance is the September 16th high crossing at 207.82. First support is Wednesday's low crossing at 184.41. Second support is October's low crossing at 180.42.
January unleaded gas was steady to slightly higher overnight as it extends the rally off Wednesday's low. The mid-range overnight trade sets the stage for a steady to lower opening when the day 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 January extends the rally off October's low, May's high crossing at 173.61 is the next upside target. Closes below the 50-day moving average crossing at 158.32 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 170.00. Second resistance is May's high crossing at 173.61. First support is the 50-day moving average crossing at 158.32. Second support is the reaction low crossing at 155.64.
January Henry natural gas was slightly higher overnight as it consolidates some of the decline off November's high. The high-range overnight trade sets the stage for a steady to higher 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 January extends the decline off November's high, October's low crossing at 2.250 is the next downside target. Closes above the 20-day moving average crossing at 2.743 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2.671. Second resistance is the 20-day moving average crossing at 2.743. First support is Tuesday's low crossing at 2.570. Second support is October's low crossing at 2.250.
