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Energies Market Commentary
December crude oil closed down $2.55 at $76.73 a barrel yesterday. Prices closed nearer the session low and hit a fresh two-week low yesterday. A stronger dollar, weaker stock indexes and a bearish weekly DOE storage report pressured crude oil yesterday. No serious chart damage occurred yesterday but the bulls did fade. Strong follow-through selling pressure on Friday would produce a bearish weekly low close and would also produce a bearish downside "breakout" from the recent sideways trading range at higher price levels. Crude oil bulls still have the overall near-term technical advantage. The next downside price objective for the crude oil bears is to produce a close below solid technical support at last week's low of $76.55. The next upside price objective for the bulls is producing a close above solid technical resistance at $80.00 a barrel. First resistance is seen at $77.00 and then at $77.50. First support is seen at $76.55 and then at $76.00.
Wyckoff's Market Rating: 6.0.
Source: VantagePoint Intermarket Analysis Software
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December heating oil closed down 723 points at $1.9835 yesterday. Prices closed near the session low yesterday. Bulls have the slight overall near-term technical advantage, but did fade yesterday. The bulls' next upside price objective is closing prices above solid technical resistance at this week's high of $2.0606. Bears' next downside price objective is producing a close below solid technical support at $1.9500. First resistance lies at $2.0000 and then at $2.0250. First support is seen at last week's low of $1.9762 and then at $1.9500.
Wyckoff's Market Rating: 6.0.
December (RBOB) unleaded gasoline closed down 544 points at $1.9383 yesterday. Prices closed nearer the session low yesterday. Bulls still have the near-term technical advantage, but did fade yesterday. The next upside price objective for the bulls is closing prices above solid technical resistance at the October high of $2.1015. Bears' next downside price objective is closing prices below solid support at $1.9000. First support is seen at yesterday's low of $1.9214 and then at $1.9000. First resistance is seen at $1.9500 and then at $1.9750.
Wyckoff's Market Rating: 6.0.
December natural gas closed down 12.2 cents at $4.381 yesterday. Prices hit another fresh two-month low yesterday and closed nearer the session low. Serious near-term chart damage has occurred recently. The next upside price objective for the bulls is closing prices above solid technical resistance at $4.80. The next downside price objective for the bears is closing prices below solid technical support at the September low of $4.34. First resistance is seen at yesterday's high of $4.517 and then at this week's high of $4.69. First support is seen at $4.34
and then at $4.25.
Wyckoff's Market Rating: 1.5.
Tags:crude-oil, heating-oil, natural-gas, gasoline, futures
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