JimWyckoff's Commentaries
May crude oil closed up $2.46 at $106.73 a barrel yesterday. Prices closed near the session high and hit a fresh three-week high yesterday as the bulls gained fresh upside near-term technical momentum. The crude oil bulls have the solid overall near-term technical advantage. A potentially bearish head-and-shoulders top reversal pattern on the daily bar chart was negated yesterday. The next near-term upside price breakout objective for the bulls is producing a close above strong technical resistance at the March high of $108.25 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 $102.00. First resistance is seen at yesterday's high of $106.83 and then at $107.59. First support is seen at $106.00 and then at $105.00.
Wyckoff's Market Rating: 8.0.
Source: VantagePoint Intermarket Analysis Software
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May heating oil closed up 510 points at $3.1044 yesterday. Prices closed near mid-range yesterday and hit a fresh three-week high. Prices also closed at a bullish monthly and quarterly high close yesterday. Bulls have the solid overall near-term technical advantage. The bulls' next upside price breakout objective is closing prices above solid technical resistance at the March high of $3.1426. Bears' next downside price breakout objective is producing a close below solid technical support at $3.0000. First resistance lies at $3.1426 and then at $3.1750. First support is seen at yesterday's low of $3.0525 and then at this week's low of $3.0183.
Wyckoff's Market Rating: 8.5.
May (RBOB) unleaded gasoline closed up 446 points at $3.1021. Prices closed nearer the session high yesterday and scored a fresh contract high. Prices also closed at a bullish monthly and quarterly high close yesterday. Bulls have the strong overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.2000. Bears' next downside price breakout objective is closing prices below solid support at $3.0000. First resistance is seen at yesterday's contract high of $3.1200 and then at $3.1500. First support is seen at yesterday's low of $3.0575 and then at $3.0250.
Wyckoff's Market Rating: 8.5.
May natural gas closed up 3.9 cents at $4.394 yesterday. Prices closed nearer the session high yesterday and scored a bullish "outside day" up on the daily bar chart. Bulls and bears are on a level near-term technical playing field. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at this week's high of $4.559. The next downside price breakout objective for the bears is closing prices below solid technical support at last week's low of $4.20. First resistance is seen at yesterday's high of $4.442 and then at $4.50. First support is seen at $4.30 and then at $4.25.
Wyckoff's Market Rating: 5.0.
