ENERGIES: December Nymex crude oil closed down $1.19 at $81.01 today. Prices closed nearer the session low today, pressured by a stronger U.S. dollar. The oil bears have the firm near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $85.00 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 October low of $79.10. First resistance is seen at today’s high of $82.09 and then at this week’s high of $82.88. First support is seen at $80.00 and then at this week’s low of $79.44. Wyckoff’s Market Rating: 1.5
December heating oil closed down 254 points at $2.4991 today. Prices closed near the session low. The heating oil bears have the firm near-term technical advantage. However, a four-month-old downtrend on the daily bar chart was negated Wednesday. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.6000. Bears’ next downside price breakout objective is producing a close below solid technical support at the October low of $2.4159. First resistance lies at today’s high of $2.5220 and then at this week’s high of $2.5428. First support is seen at $2.4826 and then at $2.4500. Wyckoff’s Market Rating: 2.0
December (RBOB) unleaded gasoline closed down 270 points at $2.1550 today. Prices closed near the session low today. The gasoline bears have the solid overall near-term technical advantage. Prices are in a four-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 $2.3000. Bears’ next downside price breakout objective is closing prices below solid support at $2.0000. First resistance is seen at today’s high of $2.1828 and then at this week’s high of $2.2053. First support is seen at today’s low of $2.1486 and then at $2.1186. Wyckoff’s Market Rating: 2.0
December natural gas closed up 4.1 cents at $3.829 today. Prices closed near the session high today on more short covering after hitting a contract low on Tuesday. The nat gas bears still have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.900. The next downside price breakout objective for the bears is closing prices below solid technical support at $3.50. First resistance is seen at this week’s high of $3.849 and then at $3.90. First support is seen at today’s low of $3.768 and then at $3.70. Wyckoff’s Market Rating: 2.0
