ENERGIES: March Nymex crude oil closed up $1.71 at $97.43 today. Prices closed nearer the session high today and the bulls regained upside technical momentum. Crude oil bulls are now back in near-term technical control. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $99.00 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 $93.65. First resistance is seen at last week’s high of $97.84 and then at $98.00. First support is seen at $97.00 and then at $96.50. Wyckoff’s Market Rating: 6.0
March heating oil closed up 269 points at $2.9936 today. Prices closed near the session high today. Bulls today gained the slight near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.0500. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.9200. First resistance lies at $3.0000 and then at last week’s high of $3.0336. First support is seen at today’s low of $2.9576 and then at $2.9450. Wyckoff’s Market Rating: 5.5
March (RBOB) unleaded gasoline closed up 106 points at $2.6435 today. Prices closed near mid-range. The gasoline bears have the slight near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.7000. Bears’ next downside price breakout objective is closing prices below solid support at the November low of $2.5229. First resistance is seen at today’s high of $2.6597 and then at this week’s high of $2.6769. First support is seen at this week’s low of $2.6245 and then at last week’s low of $2.6033. Wyckoff’s Market Rating: 4.5
March natural gas closed up 27.0 cents at $4.944 today. Prices closed near the session high. Trading has become highly volatile at higher price levels, which is suggestive of a topping process. Prices Monday hit a 25-month high. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at Monday’s high of $5.199. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $3.355. First resistance is seen at $5.00 and then at last week’s high of $5.046. First support is seen at $4.90 and then at $4.80. Wyckoff’s Market Rating: 7.5
