by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY CRUDE OIL
Wyckoff’s Market Rating: 6.0.
JULY HEATING OIL
July heating oil closed down 51 points at $1.9300 today.Prices closed nearer the session low today. Bulls still have the overall technical advantage. Bulls’ next upside price objective is closing prices above solid resistance at this week’s high of $1.9618. Bears’ next downside price objective is producing a close below solid technical support at $1.8400. First support lies at this week’s low of $1.9053 and then at $1.8800. First resistance is seen at $1.9618 and then at $1.9800.
Wyckoff’s Market Rating: 8.0.
JULY UNLEADED GAS
July (RBOB) unleaded gasoline closed up 395 points at $2.2669 today. Prices today closed nearer the session high today. The bulls still have the solid technical advantage. A four-month-old uptrend is still in place on the daily bar chart. The next upside price objective for the bulls is closing prices above solid resistance at last week’s high of $2.3419. Bears’ next downside price objective is closing prices below solid support at $2.2000. First resistance is seen at today’s high of $2.2836 and then at $2.3000. First support is seen at $2.2500 and then at today’s low of $2.2220.
Wyckoff’s Market Rating: 8.5.
Source: VantagePoint Intermarket Analysis Software
JULY NATURAL GAS
July natural gas closed down 9.1 cents at $7.85 today. Prices closed nearer the session low again today on some more profit-taking pressure and a bearish weekly natural gas storage report. Bulls still have the slight near-term technical advantage, but are fading. The next upside price objective for the bulls is closing prices above solid resistance at $8.20. The next downside price objective for the bears is closing prices below solid technical support at $7.70. First resistance is seen at $8.00 and then at this week’s high of $8.141 and then at $8.20. First support is seen at today’s low of $7.82 and then at $7.75.
Wyckoff’s Market Rating: 5.5.
