by Jim Wyckoff, SeniorAnalyst TraderPlanet.com
NOVEMBER CRUDE OIL
November crude oil closed up $2.12 at $107.85 a barrel yesterday. Prices closed near the session high yesterday as traders decided to focus on the impending approval by Congress of a financial sector bailout package and chose for the moment to ignore a world economic slowdown. The next upside price objective for the crude oil bulls is to produce a close above strong technical resistance at this week’s high of $110.45. The next downside price objective for the bears is producing a close below technical support at this week’s low of $101.98 a barrel. First resistance is seen at yesterday’s high of $108.67 and then at $110.45. First support is seen at $106.00 and then at $105.00.
Wyckoff’s Market Rating: 5.5
NOVEMBER HEATING OIL
November heating oil closed up 211 points at $3.0481 yesterday. Prices closed nearer the session high yesterday. The bulls’ next upside price objective is closing prices above solid technical resistance at $3.2000. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $2.8900. First resistance lies at yesterday’s high of $3.0824 and then at this week’s high of 3.1108. First support is seen at $3.0000 and then at yesterday’s low of $2.9676.
Wyckoff’s Market Rating: 5.0.
NOVEMBER (RBOB) UNLEADED GASOLINE
November (RBOB) unleaded gasoline closed up 694 points at $2.6400 yesterday. Prices closed nearer the session high yesterday. The next upside price objective for the bulls is closing prices above solid technical resistance at this week’s high of $2.6909. Bears’ next downside price objective is closing prices below solid support at $2.5000. First resistance is seen at yesterday’s high of $2.6562 and then at $2.6909. First support is seen at $2.6000 and then at $2.5500.
Wyckoff’s Market Rating: 4.5.
NOVEMBER NATURAL GAS
November natural gas closed up 3.6 cents at $7.944 yesterday. Prices closed near mid-range. Bears remain in technical control of nat gas. The next upside price objective for the bulls is closing prices above solid technical resistance at last week’s high of $8.594. The next downside price objective for the bears is closing prices below solid technical support at the contract low of $7.385. First resistance is seen at $8.00 and then at yesterday’s high of $8.164. First support is seen at yesterday’s low of $7.676 and then at $7.50.
Wyckoff’s Market Rating: 2.5.