ENERGIES: January Nymex crude oil closed down $0.31 at $75.51 today. Prices closed near mid-range. Prices Friday hit a contract and three-year low. The crude oil bears have the strong 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 $80.00 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 $70.00. First resistance is seen at today’s high of $76.16 and then at $77.00. First support is seen at today’s low of $74.75 and then at $74.00. Wyckoff’s Market Rating: 1.5
January heating oil closed down 102 points at $2.3749 today. Prices closed near mid-range. Prices last Friday hit a contract low. The heating oil bears have the solid near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the November high of $2.5343. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.2500. First resistance lies at $2.4000 and then at $2.4265. First support is seen at today’s low of $2.3481 and then at the contract low of $2.3263. Wyckoff’s Market Rating: 1.0
January (RBOB) unleaded gasoline closed down 144 points at $2.0072 today. Prices closed near mid-range. Prices Friday hit a contract low. The gasoline bears have the solid overall near-term technical advantage. Prices are in a five-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 November high of $2.1581. Bears’ next downside price breakout objective is closing prices below solid support at $1.9000. First resistance is seen at today’s high of $2.0320 and then at $2.0500. First support is seen at the contract low of $1.9696 and then at $1.9500. Wyckoff’s Market Rating: 1.0
January natural gas closed up 29.8 cents at $4.427 today. Prices closed nearer the session high today on heavy short covering and bargain hunting. Bulls and bears are now back on a level near-term technical playing field. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the November high of $4.633. The next downside price breakout objective for the bears is closing prices below solid technical support at $4.00. First resistance is seen at today’s high of $4.45 and then at $4.50. First support is seen at $4.35 and then at $4.30. Wyckoff’s Market Rating: 5.0
