ENERGIES: April crude oil closed up $0.27 a barrel at$92.90 yesterday. Prices closed near mid-range yesterday and saw
tepid short covering. Prices Tuesday hit a two-month low.The crude oil bulls have faded recently and the bears have
the near-term technical advantage. The next near-termupside price breakout objective for the crude oil bulls is
producing a close solid chart resistance at last week’shigh of $97.49 a barrel. The next near-term downside price
breakout objective for the crude oil bears is to produce aclose below solid technical support at $90.00. Firstresistance is seen at yesterday’s high of $93.37 and then at$94.00. First support is seen at this week’s low of $91.92and then at $91.50. Wyckoff’s Market Rating: 4.0
April heating oil closed down 385 points at $2.9883 yesterday.Prices closed nearer the session low and hit a fresh six-
week low yesterday. Bulls are fading badly. Bears have thenear-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technicalresistance at $3.0800. Bears’ next downside price breakoutobjective is producing a close below solid technicalsupport at the December low of $2.8900. First resistance lies at $3.0000 and then at $3.0200. First support is seenat yesterday’s low of $2.9811 and then at $2.9675. Wyckoff’sMarket Rating: 4.0.
April (RBOB) unleaded gasoline closed down 854 points at$3.1134 yesterday. Prices closed nearer the session low and hitanother fresh four-week low yesterday. The gasoline bears havethe near-term technical advantage. The higher daily price volatility has produced a bearish broadening pattern on thedaily bar chart and is an early warning signal that a
market top is in place. The next upside price breakoutobjective for the bulls is closing prices above solidtechnical resistance at $3.2500. Bears’ next downside pricebreakout objective is closing prices below solid support at$3.0000. First resistance is seen at $3.1500 and then at$3.1800. First support is seen at yesterday’s low of $3.1000and then at $3.0750. Wyckoff’s Market Rating: 4.0.
April natural gas closed down 3.5 cents at $3.421 yesterday.Prices closed near the session low yesterday and did hit a
fresh five-week high early on. Prices also scored a bearish”outside day” down on the daily bar chart yesterday. Nat gas bears have the overall near-term technical advantage. Thenext upside price breakout objective for the bulls is closing prices above solid technical resistance at theJanuary high of $3.67. The next downside price breakoutobjective for the bears is closing prices below solidtechnical support at $3.25. First resistance is seen at$3.50 and then at yesterday’s high of $3.554. First support isseen at this week’s low of $3.385 and then at $3.35.Wyckoff’s Market Rating: 4.0.
