January crude oil closed up $1.45 a barrel at $87.94 yesterday. Prices closed near mid-range yesterday on short covering and bargain hunting. A weaker U.S. dollar yesterday was also supportive for crude. Crude oil bears still have the slight overall near-term technical advantage. 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 the November low of $84.53. First resistance is seen at yesterday’s high of $88.69 and then at $89.00. First support is seen at $87.00 and then at yesterday’s low of $86.55. Wyckoff’s Market Rating: 4.5
January heating oil closed up 347 points at $3.0556 yesterday. Prices closed nearer the session high yesterday. Bulls and bears are on a level near-term technical playing field. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.1500. Bears’ next downside price breakout objective is producing a close below solid technical support at $3.0000. First resistance lies at yesterday’s high of $3.0746 and then at the November high of $3.1026. First support is seen at yesterday’s low of $3.0174 and then at this week’s low of $2.9885. Wyckoff’s Market Rating: 5.0.
January (RBOB) unleaded gasoline closed up 403 points at $2.7291 yesterday. Prices closed nearer the session high yesterday. Bulls 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 $2.8241. Bears’ next downside price breakout objective is closing prices below solid support at $2.6200. First resistance is seen at the November high of $2.7505 and then at $2.7750. First support is seen at $2.7000 and then at yesterday’s low of $2.6876. Wyckoff’s Market Rating: 6.5.
January natural gas closed down 15.0 cents at $3.651 yesterday. Prices closed near the session low yesterday and hit a fresh two-week low. A bearish weekly nat gas storage report yesterday added to this week’s solid selling pressure. Bulls have lost the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.90. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of $3.598. First resistance is seen at $3.70 and then at $3.75. First support is seen at yesterday’s low of $3.637 and then at $3.598. Wyckoff’s Market Rating: 5.0.
