ENERGIES: April Nymex crude oil closed up $1.47 at $99.55 today. Prices closed nearer the daily high and saw short covering after prices hit a six-week low Monday. Crude oil bears still have the slight overall near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at the December high of $100.33 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 $95.00. First resistance is seen at $100.00 and then at $100.33. First support is seen at $99.00 and then at $98.00. Wyckoff’s Market Rating: 4.5.
April heating oil closed up 166 points at $2.9074 today. Prices closed nearer the session high today on short covering after hitting a two-month low early on. Bears still have the near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.9800. Bears’ next downside price breakout objective is producing a close below solid technical support at the January low of $2.8762. First resistance lies at today’s high of $2.9180 and then at this week’s high of $2.9450. First support is seen at today’s low of $2.8841 and then at $2.8762. Wyckoff’s Market Rating: 3.5.
April (RBOB) unleaded gasoline closed up 186 points at $2.8997 today. Prices closed nearer the session high on short covering after hitting a fresh six-week low early on today. The gasoline bulls are on a level near-term technical playing field with the bears. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.9800. Bears’ next downside price breakout objective is closing prices below solid support at the February low of $2.7831. First resistance is seen at $2.9250 and then at $2.9500. First support is seen at today’s low of $2.8644 and then at $2.8500. Wyckoff’s Market Rating: 5.0.
April natural gas closed down 6.9 cents at $4.467 today. Prices closed nearer the session low. Prices last Friday hit a 10-week low. The 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 the March high of $4.736. The next downside price breakout objective for the bears is closing prices below solid technical support at $4.25. First resistance is seen at this week’s high of $3.587 and then at $4.65. First support is seen at $4.439 and then at last week’s low of $4.341. Wyckoff’s Market Rating: 5.0.
