ENERGIES: June Nymex crude oil closed up $0.18 at $103.55 today. Prices closed nearer the session high today and closed at a fresh contract high close. Crude oil bulls have the solid near-term technical advantage. Prices are in a five-week-old uptrend 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 $107.00 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 $101.00. First resistance is seen at the contract high of $104.10 and then at $105.00. First support is seen at $103.00 and then at $102.00. Wyckoff’s Market Rating: 8.0
June heating oil closed up 36 points at $3.0048 today. Prices closed nearer the session high today and closed at a seven-week high close. Prices are in a steep three-week-old uptrend on the daily bar chart. The bulls have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the December high of $3.0591. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.9200. First resistance lies at last week’s high of $3.0136 and then at $3.0300. First support is seen at today’s low of $2.9840 and then at $2.9600. Wyckoff’s Market Rating: 6.5
June (RBOB) unleaded gasoline closed up 220 points at $3.0448 today. Prices closed near the session high today and hit a contract high. 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 $3.1000. Bears’ next downside price breakout objective is closing prices below solid support at $2.9500. First resistance is seen at today’s contract high of $3.0476 and then at $3.0600. First support is seen at $3.0200 and then at $3.0000. Wyckoff’s Market Rating: 8.0
June natural gas closed down 3.5 cents at $4.718 today. Prices closed near the session low today after hitting a two-month high early on. The nat gas bulls have gained good upside momentum and have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the February high of $4.893. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $4.50. First resistance is seen at today’s high of $4.80 and then at $4.85. First support is seen at $4.70 and then at $4.65. Wyckoff’s Market Rating: 7.5
