ENERGIES: July Nymex crude oil closed up $0.36 at $93.67 yesterday. Prices closed nearer the session low yesterday. Trading remains choppy. Crude bulls and bears are on a level near-term technical playing field. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at the May high of $97.38 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 the May low of $90.32. First resistance is seen at yesterday’s high of $94.48 and then at $95.00. First support is seen at $93.00 and then at $92.38. Wyckoff’s Market Rating: 5.0
July heating oil closed down 105 points at $2.8544 yesterday. Prices closed nearer the session low yesterday. Bears have the slight near-term technical advantage amid choppy trading. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the May high of $2.9515. Bears’ next downside price breakout objective is producing a close below solid technical support at the May low of $2.7578. First resistance lies at $2.8756 and then at yesterday’s high of $2.8924. First support is seen at this week’s low of $2.8209 and then at $2.8000. Wyckoff’s Market Rating: 4.5.
July (RBOB) unleaded gasoline closed up 63 points at $2.8245 yesterday. Prices closed nearer the session low yesterday. The gasoline bears have the slight near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the May high of $2.9054. Bears’ next downside price breakout objective is closing prices below solid support at the May low of $2.6750. First resistance is seen at yesterday’s high of $2.8570 and then at last week’s high of $2.8717. First support is seen at $2.8000 and then at $2.7734. Wyckoff’s Market Rating: 4.5.
July natural gas closed up 0.6 cents at $4.004 yesterday. Prices closed near mid-range yesterday. Bulls have faded recently and 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 the May high of $4.358. The next downside price breakout objective for the bears is closing prices below solid technical support at the May low of $3.933. First resistance is seen at this week’s high of $4.04 and then at $4.10. First support is seen at this week’s low of $3.951 and then at $3.933. Wyckoff’s Market Rating: 5.0.
