by Jim Wyckoff, Senior Analyst TraderPlanet.com
SEPTEMBER CRUDE OIL
September crude oil closed up $4.62 at $126.81 a barrel yesterday. Prices closed nearer the session high yesterday amid a bullish weekly DOE report that showed surprising decline in U.S. gasoline stocks, and on more worries about an Iran-Israel military conflict. Short covering and bargain-hunting buying were featured yesterday. Prices are still in a steep three-week-old downtrend on the daily bar chart, but a solid up day on Thursday would negated that downtrend. The next upside price objective for the crude oil bulls is to produce a close above solid technical resistance at $130.00. The next downside price objective for the bears is producing a close below solid technical support at $120.00 a barrel. First resistance is seen at $128.00 and then at $129.00. First support is seen at $126.00 and then at $125.00.
Wyckoff’s Market Rating: 6.0
SEPTEMBER HEATING OIL
September heating oil closed up 571 points at $3.5556 yesterday. Prices closed near the session high after hitting a fresh 11-week low early on yesterday. Prices are still in a three-week-old downtrend on the daily bar chart. The bulls’next upside price objective is closing prices above technical resistance at $3.7000. Bears’ next downside price objective is producing a close below solid technical support at $3.4000. First resistance lies at $3.5750 and then at $3.6261. First support is seen at $3.5000 and then at yesterday’s low of $3.4601.
Wyckoff’s Market Rating: 5.0
SEPTEMBER UNLEADED GAS
September (RBOB) unleaded gasoline closed up 1,269 points at $3.1401 yesterday. Prices closed near the session high.Prices are still in a three-week-old downtrend on the daily bar chart. However, a solid up day on Thursday would negate that downtrend. The next upside price objective for the bulls is closing prices above solid resistance at $3.2000.Bears’ next downside price objective is closing prices below solid support at this week’s low of $2.9833. First resistance is seen at yesterday’s high of $3.1525 and then at $3.1850. First support is seen at $3.1000 and then at $3.0500.
Wyckoff’s Market Rating: 6.0
SEPTEMBER NATURAL GAS
September natural gas closed up 16.5 cents at $9.295 yesterday.Prices closed near the session high yesterday and scored a bullish “outside day” up on the daily bar chart. If there is strong follow-through buying on Thursday, then a bullish “key reversal” up would be confirmed on the daily bar chart, which would be one early technical clue that a market low is in place. But right now prices are still in a steep three-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above resistance at $10.00. The next downside price objective for the bears is closing prices below solid technical support at yesterday’s low of $8.81. First resistance is seen at this week’s high of $9.34 and then at $9.542. First support is seen at $9.00 and then at yesterday’s low of $8.81.
Wyckoff’s Market Rating: 3.0
