ENERGIES: November Nymex crude oil closed down $2.06 at $85.24 today. Prices closed near the session low today and hit a nearly two-year low. The bears have the solid near-term technical advantage. However, this market is well oversold and due for a corrective bounce soon. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $90.00 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 $80.00. First resistance is seen at $86.00 and then at $87.00. First support is seen at $85.00 and then at $84.50. Wyckoff’s Market Rating: 1.0
November heating oil closed down 570 points at $2.5194 today. Prices closed near the session low and hit another contract low. The heating oil bears have the solid near-term technical advantage. However, prices are presently well oversold, technically. Prices are in a 15-week-old downtrend on the daily bar chart. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.6700. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.5000. First resistance lies at $2.5500 and then at today’s high of $2.5853. First support is seen at today’s contract low of $2.5189 and then at $2.5000. Wyckoff’s Market Rating: 1.0
November (RBOB) unleaded gasoline closed down 617 points at $2.2567 today. Prices closed near the session low today and hit a nearly two-year low. The gasoline bears 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 $2.4300. Bears’ next downside price breakout objective is closing prices below solid support at $2.2000. First resistance is seen at $2.3000 and then at today’s high of $2.3226. First support is seen at today’s low of $2.2534 and then at $2.2250. Wyckoff’s Market Rating: 1.0
November natural gas closed up 0.5 cents at $3.860 today. Prices closed nearer the session low today and hit another four-week low. The nat gas bears have the firm overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at last week’s high of $4.184. The next downside price breakout objective for the bears is closing prices below solid technical support at the July low of $3.786. First resistance is seen at $3.90 and then at $3.95. First support is seen at today’s low of $3.815 and then at $3.786. Wyckoff’s Market Rating: 2.0
