by Jim Wyckoff, Senior Analyst TraderPlanet.com

OCTOBER CRUDE OIL

October crude oilclosed up $6.14 at $121.71 a barrel yesterday. Prices closed near the session high yesterday and were supported by short covering and fresh speculative buying amid heightened tensions between major energy producer Russia and the U.S. Bulls quickly gained fresh upside technical momentum yesterday. A six-week-old downtrend on the daily bar chart was negated yesterday. The next upside price objective for the crude oil bulls is to produce a close above solid technical resistance at $125.00. The next downside price objective for the bears is producing a close below solid technical support at $115.00 a barrel. First resistance is seen at yesterday’s high of $122.04 and then at $123.00. First support is seen at $121.00 and then at $120.00.

Wyckoff’s Market Rating: 6.0

OCTOBER HEATING OIL

October heating oil closed up 1,405 points at $3.3318 yesterday. Prices closed nearer the session high yesterday and hit a fresh two-week high. Bulls gained fresh upside technical momentum yesterday. The bulls’ next upside price objective is closing prices above technical resistance at $3.5000. Bears’ next downside price objective is producing a close below solid technical support at $3.2000. First resistance lies at yesterday’s high of $3.3760 and then at 3.4000. First support is seen at $3.3000 and then at $3.2500.

Wyckoff’s Market Rating: 6.0

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Source: VantagePoint Intermarket Analysis Software

OCTOBER UNLEADED GAS

October (RBOB) unleaded gasoline closed up 1,430 points at $2.9595 yesterday. Prices closed nearer the session high yesterday and hit a fresh three-week high. A six-week-old downtrend on the daily bar chart was negated yesterday and the bulls have gained fresh upside near-term technical momentum. The next upside price objective for the bulls is closing prices above solid technical resistance at $3.0000. Bears’ next downside price objective is closing prices below solid support at $2.8000. First resistance is seen at yesterday’s high of $2.9727 and then at $3.0000. First support is seen at $2.9000 and then at $2.8700.

Wyckoff’s Market Rating: 6.0

OCTOBER NATURAL GAS

October natural gasclosed up 23.6 cents at $8.412 yesterday. Prices closed nearer the session high yesterday on short covering in a bear market. A bearish weekly storage report yesterday limited the upside in nat gas, amid a big rally in most commodity markets yesterday. Nat gas 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 solid technical resistance at $8.818. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $7.895. First resistance is seen at yesterday’s high of $8.49 and then at $8.819. First support is seen at $8.25 and then at yesterday’s low of $8.124.

Wyckoff’s Market Rating: 2.5