by Jim Wyckoff, Senior Analyst, TraderPlanet.com
DECEMBER CRUDE OIL
December crude oil closed up $1.22 at $67.97 a barrel yesterday. Prices closed near mid-range yesterday and hit another fresh 15-month low. Short covering in a bear market was featured yesterday. Crude oil bears still have the near- term technical advantage. Prices remain in a three-month- old downtrend on the daily bar chart. The next downside price objective for the crude oil bears is to produce a close below technical support at $60.00. The next upside price objective for the bulls is producing a close above technical resistance at this week’s high of $76.24 a barrel. First resistance is seen at yesterday’s high of $69.41 and then at $70.00. First support is seen at yesterday’s low of $65.90 and then at $65.00.
Wyckoff’s Market Rating: 2.0
DECEMBER HEATING OIL
December heating oil closed up 45 points at $2.0607 yesterday. Prices closed nearer the session low and hit another fresh 14-month low yesterday. Bears still have the near-term technical advantage. The bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of $2.4470. Bears’ next downside price objective is producing a close below solid technical support at $2.0000. First resistance lies at yesterday’s high of $2.1100 and then at 2.1900. First support is seen at yesterday’s low of $2.0420 cents and then at $2.0000.
Wyckoff’s Market Rating: 1.0
DECEMBER (RBOB) UNLEADED GASOLINE
December (RBOB) unleaded gasoline closed up 186 points at $1.5530 yesterday. Prices closed near mid-range yesterday and hit a fresh contract low. Bears are still in technical control. Prices are still in a three-month-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above technical resistance at this week’s high of $1.7335. Bears’ next downside price objective is closing prices below solid support at $1.5000. First resistance is seen at $1.6000 and then at $1.6373. First support is seen at $1.5000 and then at $1.4500.
Wyckoff’s Market Rating: 1.0
DECEMBER NATURAL GAS
December natural gas closed down 36.7 cents at $6.61 yesterday. Prices closed near the session low and hit a fresh contract low yesterday amid bearish stocks data and mild U.S. weather. Bears remain in technical control of nat gas. Price action yesterday saw a bearish downside “breakout” from a sideways trading range at lower price levels. The next upside price objective for the bulls is closing prices above solid technical resistance at this week’s high of $7.332. The next downside price objective for the bears is closing prices below solid technical support at $6.00. First resistance is seen at $7.00 and then at $7.332. First support is seen at yesterday’s contract low of $6.595 and then at $6.50.
Wyckoff’s Market Rating: 1.0
