ENERGIES: August Nymex crude oil closed down $0.74 at $106.09 today. Prices closed nearer the session low today on profit taking after hitting a contract high early on. Trouble in the Middle East is still bullish oil. Crude oil bulls still have the solid near-term technical advantage. A six-month-old uptrend is in place 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 $110.00 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 the May high of $103.58. First resistance is seen at $107.00 and then at the contract high of $107.45. First support is seen at $105.50 and then at $105.00. Wyckoff’s Market Rating: 7.5
August heating oil closed down 204 points at $3.0381 today. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. Profit taking was featured. Prices Friday hit a contract high. The bulls still have the solid overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.1000. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.9500. First resistance lies at $3.0500 and then at $3.0600. First support is seen at today’s low of $3.0296 and then at $3.0100. Wyckoff’s Market Rating: 7.5
August (RBOB) unleaded gasoline closed down 196 points at $3.0766 today. Prices closed nearer the session low today after hitting a fresh contract high early on. Price action today also scored a bearish “outside day” down on the daily bar chart. If there is good follow-through selling on Tuesday then a bearish “key reversal” down would be confirmed, which would be one early clue of a market top being in place. But right now 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 $3.1500. Bears’ next downside price breakout objective is closing prices below solid support at $2.9700. First resistance is seen at $3.1000 and then at today’s contract high of $3.1193. First support is seen at $3.0700 and then at $3.0500. Wyckoff’s Market Rating: 7.5
August natural gas closed down 7.8 cents at $4.474 today. Prices closed nearer the session low today and hit a four-week low. The nat gas bulls have lost their near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.70. The next downside price breakout objective for the bears is closing prices below solid technical support at the May low of $4.296. First resistance is seen at $4.50 and then at today’s high of $4.594. First support is seen at today’s low of $4.465 and then at $4.40. Wyckoff’s Market Rating: 5.0
