ENERGIES: August Nymex crude oil closed down $1.23 at $99.68 today. Prices closed nearer the session low today and hit a two-month low. Crude oil bears have gained the near-term technical advantage. Prices are in a steep three-week-old downtrend 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 $103.00 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 $97.50. First resistance is seen at $100.00 and then at $100.50. First support is seen at today’s low of $99.01 and then at $98.50. Wyckoff’s Market Rating: 4.0
August heating oil closed down 238 points at $2.8491 today. Prices closed near mid-range and hit a 12-month low today. The bears have the solid near-term technical advantage. Prices are in a steep three-week-old downtrend on the daily bar chart. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.9500. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.7500. First resistance lies at today’s high of $2.8730 and then at $2.8900. First support is seen at today’s low of $2.8258 and then at $2.8000. Wyckoff’s Market Rating: 1.0
August (RBOB) unleaded gasoline closed down 342 points at $2.8909 today. Prices closed near mid-range and hit a two-month low today. The gasoline bears have the near-term technical advantage. Prices are in a steep three-week-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.9750. Bears’ next downside price breakout objective is closing prices below solid support at $2.8000. First resistance is seen at $2.9000 and then at today’s high of $2.9286. First support is seen at today’s low of $2.8659 and then at $2.8500. Wyckoff’s Market Rating: 3.0
August natural gas closed down 5.8 cents at $4.091 today. Prices closed near the session low and hit a six-month low today. The nat gas bears have the firm near-term technical advantage. Prices are in a steep three-week-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.35. The next downside price breakout objective for the bears is closing prices below solid technical support at $4.000. First resistance is seen at this week’s high of $4.173 and then at $4.25. First support is seen at $4.05 and then at $4.00. Wyckoff’s Market Rating: 3.0
