by Jim Wyckoff, Senior Analyst TraderPlanet.com
SEPTEMBER CRUDE OIL
September crude oilclosed down $1.08 at $114.92 a barrel yesterday. Prices closed near mid-range and were pressured by a stronger U.S. dollar yesterday. Bears still have the near-term technical advantage. The psychology of the market is still bearish. Prices are still in a steep four-week-old downtrend on the daily bar chart. The next upside price objective for the crude oil bulls is to produce a close above solid technical resistance at $120.00. The next downside price objective for the bears is producing a close below solid technical support at this week’s low of $112.31 a barrel. First resistance is seen at this week’s high of $117.46 and then at $119.00. First support is seen at $114.00 and then at $112.31.
Wyckoff’s Market Rating: 4.0
SEPTEMBER HEATING OIL
September heating oil closed down 302 points at $3.1015 yesterday. Prices closed near mid-range yesterday and did hit another fresh four-month low. Prices are still in a four- week-old downtrend on the daily bar chart. The bulls’ next upside price objective is closing prices above technical resistance at $3.3000. Bears’ next downside price objective is producing a close below major psychological support at $3.0000. First resistance lies at yesterday’s high of $3.1576 and then at this week’s high of $3.1890. First support is seen at yesterday’s low of $3.0589 and then at $3.0000.
Wyckoff’s Market Rating: 3.0
SEPTEMBER UNLEADED GAS
September (RBOB) unleaded gasoline closed down 223 points at $2.9100 yesterday. Prices closed near mid-range yesterday. Prices are still in a four-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above major psychological resistance at $3.0000. Bears’ next downside price objective is closing prices below solid support at this week’s low of $2.8200. First resistance is seen at this week’s high of $2.9714 and then at $3.0000. First support is seen at yesterday’s low of $2.8452 and then at yesterday’s low of $2.8200.
Wyckoff’s Market Rating: 4.0
SEPTEMBER NATURAL GAS
September natural gas closed down 35.2 cents at $8.104 yesterday. Prices closed near the session low yesterday and hit a fresh 6.5-month low. Bears are still in firm technical command. Prices are still in a steep six-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above psychological resistance at $9.00. The next downside price objective for the bears is closing prices below psychological support at yesterday’s low of $8.00. First resistance is seen at $8.25 and then at yesterday’s high of $8.55. First support is seen at $8.00 and then at $7.75.
Wyckoff’s Market Rating: 2.5
