ENERGIES
December Nymex crude oil closed down $0.45 at $96.32 today. Prices closed nearer the session low today and closed at a fresh four-month low close and a bearish monthly low close. Crude oil bears have the overall near-term technical advantage. A two-month-old downtrend is in place on the daily bar chart. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $102.00 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 $91.00. First resistance is seen at today’s high of $97.03 and then at $97.50. First support is seen at last week’s low of $95.95 and then at $95.00. Wyckoff’s Market Rating: 3.0
December heating oil closed down 187 points at $2.9581 today. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. Bears have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.0000. Bears’ next downside price breakout objective is producing a close below solid technical support at the June low of $2.8183. First resistance lies at today’s high of $2.9860 and then at $3.0000. First support is seen at today’s low of $2.9462 and then at $2.9200. Wyckoff’s Market Rating: 4.0
December (RBOB) unleaded gasoline closed down 338 points at $2.5878 today. Prices closed nearer the session low. The gasoline bears still have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the October high of $2.7063. Bears’ next downside price breakout objective is closing prices below solid support at the June low of $2.5054. First resistance is seen at $2.6000 and then at today’s high of $2.6196. First support is seen at today’s low of $2.5750 and then at $2.5600. Wyckoff’s Market Rating: 4.0
December natural gas closed down 3.4 cents at $3.586 today. Prices closed nearer the session low, hit an 11-week low and closed at a bearish monthly low close today. The nat gas bears have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.85. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of $3.469. First resistance is seen at today’s high of $3.659 and then at $3.70. First support is seen at today’s low of $3.56 and then at $3.50. Wyckoff’s Market Rating: 2.5
