January Nymex crude oil closed up $1.38 at $95.24 today. Prices closed nearer the session high today and hit a fresh two-week high on short covering. Crude oil bears still have the overall near-term technical advantage. An 11-week-old downtrend is still in place on the daily bar chart. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $96.00 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 $90.00. First resistance is seen at today’s high of $95.63 and then at $96.00. First support is seen at $95.00 and then at $94.00. Wyckoff’s Market Rating: 3.5
January heating oil closed up 509 points at $3.0037 today. Prices closed near the session high and hit a fresh four-week high today. Bulls and bears are back on an overall level near-term technical playing field. An 11-week-old downtrend on the daily bar chart was negated today. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the October high of $3.0668. Bears’ next downside price breakout objective is producing a close below solid technical support at the November low of $2.8351. First resistance lies at today’s high of $3.0072 and then at $3.0250. First support is seen at .9750 and then at $2.9500. Wyckoff’s Market Rating: 5.0
January (RBOB) unleaded gasoline closed up 728 points at $2.7168 today. Prices closed nearer the session high today and hit a fresh nine-week high. The gasoline bulls today regained the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.7900. Bears’ next downside price breakout objective is closing prices below solid support at $2.6000. First resistance is seen at todays’ high of 2.7211 and then at $2.7400. First support is seen at $2.7000 and then at $2.6800. Wyckoff’s Market Rating: 6.0
January natural gas closed up 2.7 cents at $3.74 today. Prices closed near mid-range on short covering and on cold air forecast to swoop down over much of the U.S. in the coming days. The nat gas bears still have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.90. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of $3.465. First resistance is seen at today’s high of $3.779 and then at $3.80. First support is seen at $3.70 and then at $3.65. Wyckoff’s Market Rating: 3.0
