ENERGIES: November Nymex crude oil closed up $1.43 at $92.98 today. Prices closed nearer the session high on late reports of violence in Benghazi. Crude oil bears still have the overall near-term technical advantage. Prices are in a three-month-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 chart resistance at $95.00 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 September low of $89.56. First resistance is seen at today’s high of $93.29 and then at $94.00. First support is seen at $92.50 and then at $92.00. Wyckoff’s Market Rating: 3.5
November heating oil closed up 78 points at $2.6964 today. Prices closed near the session high after hitting another 14-month low early on. Short covering was featured. The bears still have the solid near-term technical advantage. Prices are in a three-month-old downtrend on the daily bar chart. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.7800. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.6000. First resistance lies at $2.7038 and then at this week’s high of $2.7214. First support is seen at $2.6804 and then at today’s low of $2.6605. Wyckoff’s Market Rating: 1.0
November (RBOB) unleaded gasoline closed up 104 points at $2.5144 today. Prices closed nearer the session high today and saw more short covering in a bear market. The gasoline bears still have the firm 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 $2.5933. Bears’ next downside price breakout objective is closing prices below solid support at the October 2013 low of $2.4415. First resistance is seen at last week’s high of $2.5288 and then at $2.5500. First support is seen at $2.4850 and then at this week’s low of $2.4650. Wyckoff’s Market Rating: 2.5
November natural gas closed up 9.0 cents at $3.958 today. Prices closed nearer the session high today and saw short covering in a bear market. Prices scored a bullish “outside day” up on the daily bar chart. The nat gas bears still have the overall near-term technical. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the August high of $4.163. The next downside price breakout objective for the bears is closing prices below solid technical support at the July low of $3.786. First resistance is seen at today’s high of $3.975 and then at $4.00. First support is seen at $3.90 and then at today’s low of $3.845. Wyckoff’s Market Rating: 2.0
