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Energies
July crude oil closed down $1.03 at $61.00 a barrel yesterday. Prices closed near mid-range yesterday and were pressured on profit taking and a lower U.S. stock market. Bulls still have the near-term technical advantage. A four- week-old uptrend is in place on the daily bar chart. The next downside price objective for the crude oil bears is to produce a close below solid technical support at this week's low of $56.76. The next upside price objective for the bulls is producing a close above solid technical resistance at $65.00 a barrel. First resistance is seen at yesterday's high of $61.87 and then at this week's high of $62.26. First support is seen at $60.00 and then at $59.00.
Wyckoff's Market Rating: 6.5
Source: VantagePoint Intermarket Analysis Software
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July heating oil closed down 119 points at $1.5526 yesterday. Prices closed nearer the session high. Mild profit taking was featured. The bulls' next upside price objective is closing prices above solid technical resistance at $1.6500. Bears' next downside price objective is producing a close below solid technical support at this week's low of $1.4408. First resistance lies at this week's high of $1.5691 and then at $1.6000. First support is seen at yesterday's low of $1.5675 and then at $1.5074.
Wyckoff's Market Rating: 6.0
July (RBOB) unleaded gasoline closed down 60 points at $1.7728 yesterday. Prices closed near the session high and were pressured by mild profit taking. Bulls still have upside technical momentum. The next upside price objective for the bulls is closing prices above solid technical resistance at $1.9000. Bears' next downside price objective is closing prices below solid support at $1.6500. First resistance is seen at $1.8000 and then at this week's high of $1.8315. First support is seen at $1.7500 and then at yesterday's low of $1.7188.
Wyckoff's Market Rating: 7.0
July natural gas closed down 36.1 cents at $3.737 yesterday. Prices closed near the session low, hit a fresh two-week low and scored a bearish "outside day" down on the daily bar chart yesterday. A bearish weekly gas storage report yesterday pressured nat gas. Bears still have the near-term technical advantage and regained downside momentum yesterday. The next upside price objective for the bulls is closing prices above solid technical resistance at this week's high of $4.358. The next downside price objective for the bears is closing prices below solid technical support at the contract low of $3.395. First resistance is seen at $4.00 and then at yesterday's high of $4.129. First support is seen at yesterday's low of $3.707 and then at $3.60.
Wyckoff's Market Rating: 1.5
Tags:futures, energies
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