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Energies Market Commentary
September crude oil closed up $1.40 at $78.39 a barrel yesterday. Prices closed nearer the session high yesterday. Bulls and bears are still on an overall level near-term technical playing field as the psychological resistance mark of $80.00 has turned away the bulls so far this week. The next near-term upside price objective for the bulls is producing a close above major psychological resistance at $80.00 a barrel. The next near-term downside price objective for the crude oil bears is to produce a close below solid technical support at $75.00. First resistance is seen at yesterday's high of $78.89 and then at $79.00. First support is seen at $78.00 and then at $77.50.
Wyckoff's Market Rating: 5.0.
Source: VantagePoint Intermarket Analysis Software
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September heating oil closed up 399 points at $2.0659 yesterday. Prices closed nearer the session high yesterday. Bulls and bears are still on a level near-term technical playing field. The bulls' next upside price objective is closing prices above solid technical resistance at $2.1500. Bears' next downside price objective is producing a close below solid technical support at $2.0000. First resistance lies at yesterday's high of $2.0848 and then at last week's high of $2.1018. First support is seen at $2.0500 and then at $2.0250.
Wyckoff's Market Rating: 5.0.
September (RBOB) unleaded gasoline closed up 308 points at $2.0955. Prices closed nearer the session high yesterday. Bulls and bears are still on a level near-term technical playing field. The next upside price objective for the bulls is closing prices above solid technical resistance at last week's high of $2.1519. Bears' next downside price objective is closing prices below solid support at $2.0000. First resistance is seen at yesterday's high of $2.1164 and then at $2.1519. First support is seen at $2.0750 and then at $2.0500.
Wyckoff's Market Rating: 5.0.
September natural gas closed up 11.2 cents at $4.83 yesterday. Prices closed nearer the session high yesterday and closed at a fresh three-week high close. The bears still have the slight overall near-term technical advantage, but the bulls are gaining fresh upside momentum, and would gain more by producing a bullish weekly high close on Friday. The next upside price objective for the bulls is closing prices above solid technical resistance at the July high of $4.945. The next downside price objective for the bears is closing prices below solid technical support at this week's low of $4.491. First resistance is seen at yesterday's high of $4.87 and then at $4.945. First support is seen at $4.75 and then at yesterday's low of $4.678.
Wyckoff's Market Rating: 4.0.
Tags:crude-oil, heating-oil, natural-gas, gasoline, futures
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