ENERGIES: June Nymex crude oil closed up $2.43 at $91.61 yesterday. Prices closed near the session high yesterday and hit a fresh two-week high. Short covering, a weaker U.S. dollar index and a bullish weekly DOE storage report boosted the oil market yesterday. Bears still have the slight near-term technical advantage. A bearish pennant pattern on the daily chart was negated yesterday. The next near-term upside price breakout objective for the crude oil bulls is producing a close solid chart 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 $88.00. First resistance is seen at $92.00 and then at $92.50. First support is seen at $91.00 and then at $90.00. Wyckoff’s Market Rating: 4.5
June heating oil closed up 354 points at $2.8334 yesterday. Prices closed nearer the session high on short covering in a bear market. Bears still have the near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.9000. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.7000. First resistance lies at yesterday’s high of $2.8372 and then at $2.8500. First support is seen at $2.8000 and then at $2.7750. Wyckoff’s Market Rating: 3.0.
June (RBOB) unleaded gasoline closed up 408 points at $2.7575 yesterday. Prices closed near the session high yesterday on short covering in a bear market. The gasoline bears still have the solid near-term technical advantage. Prices are in a steep two-month-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.8500. Bears’ next downside price breakout objective is closing prices below solid support at $2.6500. First resistance is seen at $2.7711 and then at $2.8000. First support is seen at $2.7250 and then at last week’s low of $2.6979. Wyckoff’s Market Rating: 3.0.
June natural gas closed down 6.5 cents at $4.213 yesterday. Prices closed nearer the session low on more profit taking. Prices last week hit a 1.5-year high. Nat gas bulls still have the overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at last week’s high of $4.457. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $4.112. First resistance is seen at $4.25 and then at yesterday’s high of $4.319. First support is seen at yesterday’s low of $4.20 and then at $4.112. Wyckoff’s Market Rating: 7.0.
