March crude oil closed up $0.61 at $75.13 a barrel yesterday. Prices closed nearer the session high yesterday and were supported on more short covering and by a weaker U.S. dollar index and by rallying U.S. stock indexes. Crude prices are still in a four-week-old downtrend on the daily bar chart. Bears still have the overall near-term technical advantage. The next upside price objective for the bulls is producing a close above solid technical resistance at last week's high of $78.04 a barrel. 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 $69.50. First resistance is seen at yesterday's high of $75.69 and then at $76.00. First support is seen at $74.00 and then at yesterday's low of $73.38.

Wyckoff's Market Rating: 4.5.

Source: VantagePoint Intermarket Analysis Software

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March heating oil closed up 141 points at $1.9610 yesterday. Prices closed nearer the session high yesterday and saw more short covering in a bear market. Bears still have the overall near-term technical advantage. The bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $2.0574. Bears' next downside price objective is producing a close below solid technical support at last week's low of $1.8272. First resistance lies at yesterday's high of $1.9767 and then at $2.0000. First support is seen at $1.9500 and then at yesterday's low of $1.9241.

Wyckoff's Market Rating: 4.5.

March (RBOB) unleaded gasoline closed up 35 points at $1.9325 yesterday. Prices closed nearer the session high yesterday. Bears still have the near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.0000. Bears' next downside price objective is closing prices below solid support at last week's low of $1.8419. First support is seen at $1.9000 and then at this week's low of $1.8700. First resistance is seen at this week's high of $1.9488 and then at $1.9750.

Wyckoff's Market Rating: 4.0.

March natural gas closed up 8.8 cents at $5.38 yesterday. Prices closed nearer the session high yesterday and saw more short covering in a bear market. Bears still have the overall near-term technical advantage. Prices are still in a choppy four-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above solid technical resistance at $5.80. The next downside price objective for the bears is closing prices below solid technical support at the January low of $5.06. First resistance is seen at yesterday's high of $5.416 and then at $5.50. First support is seen at this week's low of $5.24 and then at $5.20.

Wyckoff's Market Rating: 3.5.