On Demand

Crude Oil Remains in Choppy Trading Range

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November crude oil closed down $0.16 a barrel at $91.96 yesterday. Prices closed nearer the session high yesterday. Gains were limited by a firmer U.S. dollar index yesterday. Trading remains choppy. Bulls and bears are on a level near-term technical playing field. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid technical resistance at $94.00 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 $87.70. First resistance is seen at this week's high of $92.85 and then at the October high of $93.66. First support is seen at $91.00 and then at $90.00. Wyckoff's Market Rating: 5.0

November heating oil closed down 20 points at $3.1874 yesterday. Prices closed near mid-range. Bulls still have the overall near-term technical advantage. The bulls' next upside price breakout objective is closing prices above solid technical resistance at the March high of $3.3389. Bears' next downside price breakout objective is producing a close below solid technical support at $3.1000. First resistance lies at yesterday's high of $3.2065 and then at this week's high of $3.2303. First support is seen at yesterday's low of $3.1578 and then at $3.1250. Wyckoff's Market Rating: 7.0.

November (RBOB) unleaded gasoline closed down 297 points at $2.7520 yesterday. Prices closed nearmid-range yesterday and hit a fresh four-week low. More profit taking was featured. Bulls still have the overall near-term technical advantage, but are fading. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.9000. Bears' next downside price breakout objective is closing prices below solid support at the September low of $2.7029. First resistance is seen at yesterday's high of $2.7891 and then at $2.8000. First support is seen at $2.7250 and then at $2.7029. Wyckoff's Market Rating: 6.0.

November natural gas closed up 10.3 cents at $3.574 yesterday. Prices closed nearer the session high yesterday. Bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.75. The next downside price breakout objective for the bears is closing prices below solid technical support at last week's low of $3.327. First resistance is seen at this week's high of $3.60 and then at the October high of $3.638. First support is seen at $3.50 and then at $3.45. Wyckoff's Market Rating: 7.0.

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About the Author

JimWyckoff

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

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