Wyckoff’s Market Rating: 1.0
January heating oil closed down 832 points at $1.6905 yesterday. Prices closed near the session low and hit a fresh contract low again yesterday. Bears still have the solid near- term technical advantage. A 4.5-month-old downtrend is in place on the daily bar chart. The bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $1.9117. Bears’ next downside price objective is producing a close below solid technical support at $1.6000. First resistance lies at $1.7000 and then at yesterday’s high of 1.7734. First support is seen at yesterday’s contract low of $1.6805 and then at $1.6500.
Wyckoff’s Market Rating: 1.0
January (RBOB) unleaded gasoline closed down 1,000 points at $1.0435 yesterday. Prices closed near the session low and hit another fresh contract low yesterday. The bears are still in solid technical control. Prices are still in a 4.5- 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 $1.3100. Bears’ next downside price objective is closing prices below solid support at $1.0000. First resistance is seen at $1.1000 and then at yesterday’s high of $1.1375. First support is seen at yesterday’s contract low of $1.0357 and then at $1.0000.
Wyckoff’s Market Rating: 1.0
January natural gas closed down 42.5 cents at $6.388 yesterday. Prices closed nearer the session low and closed at a fresh contract low close yesterday. The bears still have the near- term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $7.00. The next downside price objective for the bears is closing prices below solid technical support at the contract low of $6.225. First resistance is seen at $6.50 and then at $6.75. First support is seen at $6.225 and then at $6.00.
Wyckoff’s Market Rating: 1.0
