November crude oil closed down $0.16 a barrel at $91.96 yesterday. Prices closed nearer the session high yesterday. Gains were limited by a firmer U.S. dollar index yesterday. Trading remains choppy. Bulls and bears are on a level near-term technical playing field. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid technical resistance at $94.00 a barrel. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at the October low of $87.70. First resistance is seen at this week’s high of $92.85 and then at the October high of $93.66. First support is seen at $91.00 and then at $90.00. Wyckoff’s Market Rating: 5.0
November heating oil closed down 20 points at $3.1874 yesterday. Prices closed near mid-range. Bulls still have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $3.3389. Bears’ next downside price breakout objective is producing a close below solid technical support at $3.1000. First resistance lies at yesterday’s high of $3.2065 and then at this week’s high of $3.2303. First support is seen at yesterday’s low of $3.1578 and then at $3.1250. Wyckoff’s Market Rating: 7.0.
November (RBOB) unleaded gasoline closed down 297 points at $2.7520 yesterday. Prices closed nearmid-range yesterday and hit a fresh four-week low. More profit taking was featured. Bulls still have the overall near-term technical advantage, but are fading. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.9000. Bears’ next downside price breakout objective is closing prices below solid support at the September low of $2.7029. First resistance is seen at yesterday’s high of $2.7891 and then at $2.8000. First support is seen at $2.7250 and then at $2.7029. Wyckoff’s Market Rating: 6.0.
November natural gas closed up 10.3 cents at $3.574 yesterday. Prices closed nearer the session high yesterday. Bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.75. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $3.327. First resistance is seen at this week’s high of $3.60 and then at the October high of $3.638. First support is seen at $3.50 and then at $3.45. Wyckoff’s Market Rating: 7.0.
