ENERGIES: February Nymex crude oil closed up $0.23 at $99.43 today. Prices closed nearer the session high and hit a fresh two-month high today. 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 today’s high of $99.70 and then at $100.00. First support is seen at $99.00 and then at $98.53. Wyckoff’s Market Rating: 6.0
February heating oil closed up 126 points at $3.0810 today. Prices closed nearer the session high today, hit a 3.5-month high and scored a bullish “outside day” up on the daily bar chart. Bulls have the near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.1500. Bears’ next downside price breakout objective is producing a close below solid technical support at $3.0000. First resistance lies at today’s high of $3.0948 and then at $3.1200. First support is seen at today’s low of $3.0459 and then at $3.0300. Wyckoff’s Market Rating: 6.5
February (RBOB) unleaded gasoline closed up 26 points at $2.8162 today. Prices closed nearer the session low and hit another fresh nearly four-month high early on. The gasoline bulls 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 $2.8398 and then at 2.8500. First support is seen at $2.8000 and then at $2.7798. Wyckoff’s Market Rating: 7.5
February natural gas closed up 0.6 cents at $4.745 today. Prices closed near mid-range. 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 $4.518 and then at this week’s high of $4.578. First support is seen at today’s low of $4.417 and then at $4.35. Wyckoff’s Market Rating: 7.0
