February crude oil closed down $0.05 a barrel at $90.93 yesterday. Prices closed nearer the session high and did poke to a fresh nine-week high yesterday. The strong gains Wednesday have given the bulls fresh upside near-term technical momentum and they have the overall near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid technical resistance at $95.00 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 $87.50. First resistance is seen at yesterday’s high of $91.4 and then at $92.00. First support is seen at $90.00 and then at $89.00. Wyckoff’s Market Rating: 6.0
February heating oil closed up 174 points at $3.0531 yesterday. Prices closed nearer the session high yesterday and closed at a fresh four-week high close. Bulls have regained the slight near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the December high of $3.1026. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.9600. First resistance lies at last week’s high of $3.0619 and then at $3.0800. First support is seen at yesterday’s low of $3.0228 and then at $3.0000. Wyckoff’s Market Rating: 5.5.
February (RBOB) unleaded gasoline closed up 65 points at $2.7950 yesterday. Prices closed nearer the session high yesterday and hit a fresh 3.5-month high. Bulls have the near-term technical advantage and have gained more upside momentum this week. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the September high of $2.8660. Bears’ next downside price breakout objective is closing prices below solid support at $2.6500. First resistance is seen at yesterday’s high of $2.8123 and then at $2.8400. First support is seen at yesterday’s low of $2.7683 and then at $2.7050. Wyckoff’s Market Rating: 7.0.
February natural gas closed down 1.3 cents at $3.412 yesterday. Prices closed nearer the session high yesterday. Nat gas bears have the overall near-term technical advantage. A five-week-old downtrend is in place on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.60. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of $3.222. First resistance is seen at $3.45 and then at $3.50. First support is seen at yesterday’s low of $3.356 and then at the December low of $3.316. Wyckoff’s Market Rating: 3.0.
