December crude oil closed lower on Wednesday as it extends the decline off September’s high. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off September’s high, the 75% retracement level of the June-September rally crossing at 84.64 is the next downside target. Closes above the 20-day moving average crossing at 91.05 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 91.05. Second resistance is last Friday’s high crossing at 93.49. First support is the 75% retracement level of the June-September rally crossing at 84.64. Second support is the 87% retracement level of the June-September rally crossing at 81.89.
December heating oil closed lower on Wednesday as it extended the decline off last Friday’s high. The mid-range close sets the stage for a steady opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends this week’s decline, the 38% retracement level of the June-October rally crossing at 298.80 is the next downside target. Closes above last Friday’s high crossing at 320.35 would confirm that a short-term low has been posted. First resistance is last Friday’s high crossing at 322.69. Second resistance is this month’s high crossing at 326.68. First support is today’s low crossing at 300.36. Second support is the 38% retracement level of the June-October rally crossing at 298.80.
December unleaded gas closed lower on Wednesday as it extends this month’s decline. The mid-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 bearish signaling that sideways to lower prices are possible near-term. If December extends this month’s decline, the 50% retracement level of the June-October rally crossing at 253.49 is the next downside target. Closes above the 20-day moving average crossing at 275.36 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 275.36. Second resistance is this month’s high crossing at 286.20. First support is today’s low crossing at 255.98. Second support is the 50% retracement level of the June-October rally crossing at 253.49.
December Henry natural gas closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are diverging and have turned bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 3.768 would confirm that a short-term top has been posted. If December extends the rally off August’s low, the 50% retracement level of the 2011-2012- decline crossing at 4.242 is the next upside target. First resistance is last Friday’s high crossing at 3.970. Second resistance is the 50% retracement level of the 2011-2012-decline crossing at 4.242. First support is the 20-day moving average crossing at 3.768. Second support is the reaction low crossing at 3.728.
