March crude oil closed lower on Wednesday due to an increase inventories in the weekly petroleum status report released this morning. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins. Stochastics and the RSI are turning bullish signaling that additional weakness is possible near-term. If March renews the rally off December’s low, the 87% retracement level of the September-November decline crossing at 99.78 is the next upside target. Closes below Monday’s low crossing at 94.97 would confirm that a short-term top has been posted. First resistance is this month’s high crossing at 98.24. Second resistance is the 87% retracement level of the September-November crossing at 99.78. First support is Monday’s low crossing at 94.97. Second support is the 38% retracement level of the November-February rally crossing at 93.47.
March heating oil closed lower on Wednesday as it consolidates some of this winter’s rally but remains above broken resistance marked by last September’s high crossing at 321.00. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off December’s low, last March’s high crossing at 331.32 is the next upside target. Closes below the 20-day moving average crossing at 312.46 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 325.75. Second resistance is last March’s high crossing at 331.32. First support is the 10-day moving average crossing at 319.37. Second support is the 20-day moving average crossing at 312.46.
March unleaded gas closed lower due to profit taking 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this winter’s rally, weekly resistance crossing at 321.83 is the next upside target. Closes below the 20-day moving average crossing at 295.43 would confirm that a short-term top has been posted. First resistance is last today’s high crossing at 308.50. Second resistance is weekly resistance crossing at 321.83. First support is the reaction low crossing at 298.25. Second support is the 20-day moving average crossing at 295.43.
March Henry natural gas closed higher on Wednesday as it consolidates some of the decline off last Wednesday’s high. The high-range close sets the stage for a steady to higher opening on Thursday. 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 January’s high, January’s low crossing at 3.100 is the next downside target. Closes above last Wednesday’s high crossing at 3.459 would confirm that a short-term low has been posted. First resistance is last Wednesday’s high crossing at 3.459. Second resistance is January’s high crossing at 3.646. First support is Monday’s low crossing at 3.207. Second support is January’s low crossing at 3.100.
