December crude oil closed up $0.69 a barrel at $86.93 yesterday. Prices closed nearer the session high yesterday on short covering. Bears still have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid technical resistance at $90.00 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 $82.00. First resistance is seen at yesterday’s high of $87.42 and then at $88.00. First support is seen at $86.00 and then at this week’s low of $84.66 and then at $84.00. Wyckoff’s Market Rating: 3.0
December heating oil closed down 343 points at $3.0280 yesterday. Prices closed nearer the session low. Bulls and bears are on a level near-term technical playing field but bulls are fading a bit. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.1750. Bears’ next downside price breakout objective is producing a close below solid technical support at $3.0000. First resistance lies at $3.0500 and then at yesterday’s high of $3.0635. First support is seen at $3.0200 and then at $3.0000. Wyckoff’s Market Rating: 5.0.
December (RBOB) unleaded gasoline closed down 3 points at $2.6300 yesterday. Prices closed near the session low again yesterday. 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 $2.7500. Bears’ next downside price breakout objective is closing prices below solid support at $2.5000. First resistance is seen at $2.6500 and then at yesterday’s high of $2.6726. First support is seen at $2.6000 and then at last week’s low of $2.5598. Wyckoff’s Market Rating: 5.0.
December natural gas closed down 0.5 cent at $3.687 yesterday. Prices closed near mid-range yesterday. Bulls still have the overall near-term technical advantage but have faded a bit. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.00. The next downside price breakout objective for the bears is closing prices below solid technical support at $3.60. First resistance is seen at yesterday’s high of $3.742 and then at $3.80. First support is seen at this week’s low of $3.65 and then at $3.60. Wyckoff’s Market Rating: 6.0.
