ENERGIES: January Nymex crude oil closed down $0.18 at $74.46 today. Prices closed nearer the session low. Not much new this week. Prices last week 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 $75.00 and then at today’s high of $75.42. First support is seen at today’s low of $73.92 and then at last week’s low of $73.22. Wyckoff’s Market Rating: 1.0
January heating oil closed down 137 points at $2.3489 today. Prices closed nearer the session low. Prices last week hit a contract low and prices are hovering just above that level. 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 today’s high of $2.3935 and then at $2.4265. First support is seen at today’s low of $2.3396 and then at the contract low of $2.3263. Wyckoff’s Market Rating: 1.0
January (RBOB) unleaded gasoline closed down 42 points at $2.0194 today. Prices closed nearer the session low. Prices last week 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 $2.0555 and then at $2.0800. First support is seen at today’s low of $2.0067 and then at the contract low of $1.9696. Wyckoff’s Market Rating: 1.0
January natural gas closed up 15.7 cents at $4.421 today. Prices closed nearer the session high today and hit a 4.5-month high. Bulls today gained the near-term technical advantage, but trading has been volatile. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.75. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $4.223. First resistance is seen at today’s high of $4.635 and then at $4.70. First support is seen at $4.45 and then at $4.40. Wyckoff’s Market Rating: 6.0
