March crude oil closed up $0.67 a barrel at $96.71 yesterday. Prices closed nearer the session high and hit another fresh four-month high yesterday. Crude oil was supported by a weaker U.S. dollar index yesterday. The crude bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. The next near-term upside price breakout objective for the crude oil bulls is producing a close above major psychological resistance at $100.00 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 $92.00. First resistance is seen at $97.00 and then at $97.50. First support is seen at $96.00 and then at $95.00. Wyckoff’s Market Rating: 6.5
March heating oil closed up 179 points at $3.0598 yesterday. Prices closed near mid-range yesterday. Bulls have the slight near-term technical advantage. A choppy five-week-old uptrend is in place on the daily bar chart–but now just barely. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $3.1137. Bears’ next downside price breakout objective is producing a close below solid technical support at the January low of $2.9809. First resistance lies at yesterday’s high of $3.0772 and then at $3.1000. First support is seen at yesterday’s low of $3.0293 and then at $3.00. Wyckoff’s Market Rating: 5.5.
March (RBOB) unleaded gasoline closed up 367 points at $2.8480 yesterday. Prices closed nearer the session high yesterday and hit a fresh four-month high. Bulls have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the September high of $2.8753. Bears’ next downside price breakout objective is closing prices below solid support at the January low of0 $2.7117. First resistance is seen at yesterday’s high of $2.8590 and then at $2.873. First support is seen at 2.8255 and then at yesterday’s low of $2.7971. Wyckoff’s Market Rating: 7.0.
March natural gas closed down 2.4 cents at $3.541 yesterday. Prices closed nearer the session low yesterday after hitting a fresh six-week high early on yesterday. Nat gas bulls and bears are back on a level near-term technical playing field but the bulls have gained some momentum recently. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at yesterday’s high of $3.646. The next downside price breakout objective for the bears is closing prices below solid technical support at $3.25. First resistance is seen at last week’s high of $3.576 and then at $3.60. First support is seen at yesterday’s low of $3.502 and then at $3.45. Wyckoff’s Market Rating: 5.0.
