December Nymex crude oil closed up $0.69 at $93.72 today. Prices closed near mid-range today and saw short covering in a bear market. Prices Tuesday hit a 4.5-month low. Crude oil bears still have the overall near-term technical advantage. An 11-week-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 $97.00 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 $94.00 and then at today’s high of $94.54. First support is seen at this week’s low of $92.86 and then at $92.50. Wyckoff’s Market Rating: 3.0
December heating oil closed up 439 points at $2.8974 today. Prices closed nearer the session high on short covering. Bears still have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.9500. 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 $2.9026 and then at $2.9250. First support is seen at $2.8750 and then at this week’s low of $2.8468. Wyckoff’s Market Rating: 3.0
December (RBOB) unleaded gasoline closed up 407 points at $2.6265 today. Prices closed nearer the session high and hit a fresh three-week high. The gasoline bears still have the overall 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 last week’s low of $2.4945. First resistance is seen at today’s high of 2.6440 and then at $2.6750. First support is seen at $2.6000 and then at today’s low of $2.5864. Wyckoff’s Market Rating: 3.5
December natural gas closed down 5.7 cents at $3.56 today. Prices closed near the session low after hitting a fresh two-week high early on today. Price action today scored a mildly bearish “outside day” down on the daily bar chart. The nat gas bears still have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.75. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of $3.379. First resistance is seen at $3.60 and then at today’s high of $3.662. First support is seen at this weeek’s low of $3.542 and then at $3.50. Wyckoff’s Market Rating: 2.5
