ENERGIES: June Nymex crude oil closed up $0.35 at $100.96 today. Prices closed near mid-range today and saw a corrective bounce. Crude oil bulls have the near-term technical advantage but have faded badly recently, to begin to suggest a market top is in place. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at the contract high of $104.10 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 $100.00. First resistance is seen at today’s high of $101.52 and then at $102.00. First support is seen at today’s low of $100.33 and then at $100.00. Wyckoff’s Market Rating: 6.5
June heating oil closed down 335 points at $2.9474 today. Prices closed nearer the session low and hit a two-week low today. A three-week-old uptrend on the daily bar chart was soundly negated today. The bulls and bears are back on a level near-term technical playing field. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $3.0158. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.9000. First resistance lies at $2.9600 and then at $2.9800. First support is seen at today’s low of $2.9350 and then at $2.9200. Wyckoff’s Market Rating: 5.0
June (RBOB) unleaded gasoline closed down 373 points at $2.9893 today. Prices closed nearer the session low today on profit taking after hitting a contract high last Thursday. The gasoline bulls still have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the contract high of $3.0610. Bears’ next downside price breakout objective is closing prices below solid support at $2.9200. First resistance is seen at $3.0000 and then at $3.0200. First support is seen at today’s low of $2.9740 and then at $2.9600. Wyckoff’s Market Rating: 7.0
June natural gas closed up 11.4 cents at $4.772 today. Prices closed nearer the session high today. Prices are hovering near a two-month high. The nat gas bulls 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 $4.50. First resistance is seen at last week’s high of $4.818 and then at $4.85. First support is seen at $4.70 and then at last week’s low of $4.644. Wyckoff’s Market Rating: 7.0
