ENERGIES: October Nymex crude oil closed up $0.51 at $93.86 today. Prices closed near mid-range on short covering in a bear market. Crude oil bears still have the firm near-term technical advantage. Prices are in a steep two-month-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 $96.00 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 $91.00. First resistance is seen at today’s high of $94.35 and then at $95.00. First support is seen at today’s low of $93.35 and then at $93.00. Wyckoff’s Market Rating: 3.0
October heating oil closed up 89 points at $2.8506 today. Prices closed near mid-range today on short covering. The bears still have the solid near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the August high of $2.9228. 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 $2.8687 and then at $2.8900. First support is seen at today’s low of $2.8413 and then at this week’s low of $2.8243. Wyckoff’s Market Rating: 2.0
October (RBOB) unleaded gasoline closed up 36 points at $2.5990 today. Prices closed near mid-range on short covering in a bear market. The gasoline bears still have the firm near-term technical advantage. Prices are still in a two-month-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the August high of $2.6634. Bears’ next downside price breakout objective is closing prices below solid support at the November 2013 low of $2.4898. First resistance is seen at today’s high of $2.6182 and then at $2.6300. First support is seen at this week’s low of $2.5785 and then at $2.5572. Wyckoff’s Market Rating: 2.5
October natural gas closed down 1.5 cents at $3.964 today. Prices closed near mid-range. The nat gas bears still have the overall near-term technical advantage. However, recent choppy price action at lower levels could be “basing” that puts in a market bottom. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the August high of $4.041. The next downside price breakout objective for the bears is closing prices below solid technical support at the July low of $3.74. First resistance is seen at $4.041 and then at $4.10. First support is seen at today’s low of $3.936 and then at this week’s low of $3.885. Wyckoff’s Market Rating: 2.5
