ENERGIES
October crude oil closed down $0.04 at $68.01 a barrel today. Prices closed nearer the session low yesterday. Crude bulls and bears are on a level near-term technical playing field. The next downside price objective for the crude oil bears is to produce a close below solid technical support at the August low of $67.42. The next upside price objective for the bulls is producing a close above solid technical resistance at $72.00 a barrel. First resistance is seen at $69.00 and then at yesterday’s high of $69.40. First support is seen at yesterday’s low of $67.66 and then at this week’s low of $67.05.
Wyckoff’s Market Rating: 5.0.
October heating oil closed down 120 points at $1.7385 today. Prices closed nearer the session low again yesterday and hit a fresh five-week low. Bulls and bears are on a level near-term technical playing field. The bulls’ next upside price objective is closing prices above solid technical resistance at the August high of $1.9979. Bears’ next downside price objective is producing a close below solid technical support at the late July low of $1.7171. First resistance lies at yesterday’s high of $1.7767 and then at $1.8000. First support is seen at yesterday’s low of $1.7311 and then at $1.7000.
Wyckoff’s Market Rating: 5.0.
Source: VantagePoint Intermarket Analysis Software
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October (RBOB) unleaded gasoline closed down 133 points at $1.7953 yesterday. Prices closed nearer the session low yesterday. Bulls and bears are on a level near-term technical playing field. The next upside price objective for the bulls is closing prices above solid technical resistance at the August high of $1.9720. Bears’ next downside price objective is closing prices below solid support at the August low of $1.7648. First resistance is seen at yesterday’s high of $1.8301 and then at $1.8559. First support is seen at the August low of $1.7648 and then at $1.7500.
Wyckoff’s Market Rating: 5.0.
October natural gas closed down 20.5 cents at $2.51 yesterday. Prices closed near the session low again yesterday did notch another fresh contract and seven-year low. The bears are still in firm technical control. There are still no early technical clues of a market low being close at hand. The next upside price objective for the bulls is closing prices above solid technical resistance at $3.00. The next downside price objective for the bears is closing prices below psychological support at $2.25. First resistance is seen at yesterday’s high of $2.741 and then at $2.898. First support is seen at yesterday’s contract low of $2.50 and then at $2.40.
Wyckoff’s Market Rating: 1.0.
