ENERGIES: February Nymex crude oil closed up $0.26 at $99.17 today. Prices closed nearer the session high. Crude oil bulls have the near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $100.00 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 last week’s low of $96.52. First resistance is seen at last week’s high of $99.49 and then at $100.00. First support is seen at today’s low of $98.53 and then at $98.00. Wyckoff’s Market Rating: 6.0
February heating oil closed up 196 points at $3.0730 today. Prices closed nearer the session high today and hit a two-week high. Bulls have the near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the December high of $3.0831. Bears’ next downside price breakout objective is producing a close below solid technical support at the December low of $2.9522. First resistance lies at today’s high of $3.0795 and then at $3.0831. First support is seen at today’s low of $3.0536 and then at $3.0400. Wyckoff’s Market Rating: 6.0.
February (RBOB) unleaded gasoline closed up 369 points at $2.8176 today. Prices closed nearer the session high and hit another fresh nearly four-month high. The gasoline bulls still have the solid near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the August high of $2.8693. Bears’ next downside price breakout objective is closing prices below solid support at $2.6750. First resistance is seen at today’s high of $2.8259 and then at 2.8500. First support is seen at $2.8000 and then at today’s low of $2.7798. Wyckoff’s Market Rating: 7.5.
February natural gas closed down 4.5 cents at $4.747 today. Prices closed near mid-range and saw mild profit taking from recent solid gains. Prices Monday hit a seven-month high. The nat gas bulls still have the solid overall near-term technical advantage. Prices are in a steep seven-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 the May high of $4.77. The next downside price breakout objective for the bears is closing prices below solid technical support at $4.20. First resistance is seen at today’s high of $4.544 and then at this week’s high of $4.578. First support is seen at today’s low of $4.434 and then at $4.40. Wyckoff’s Market Rating: 7.0.
