ENERGIES: June Nymex crude oil closed steady at $94.21 today. Prices closed nearer the session high today. Gains were limited by a firmer U.S. dollar index and worries about worldwide demand. Crude bulls and bears are on a level near-term technical playing field. However, a four-week-old uptrend on the daily bar chart was negated today. The next near-term upside price breakout objective for the crude oil bulls is producing a close solid chart resistance at the May high of $97.17 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 $95.00 and then at this week’s high of $95.81. First support is seen at $93.85 and then at last week’s low of $93.37. Wyckoff’s Market Rating: 5.0
June heating oil closed up 23 points at $2.8753 today. Prices closed nearer the session high after hitting a two-week low early on today. Bears have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.0000. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.8000. First resistance lies at $2.8986 and then at this week’s high of $2.9162. First support is seen at $2.8500 and then at today’s low of $2.8193. Wyckoff’s Market Rating: 3.0.
June (RBOB) unleaded gasoline closed up 300 points at $2.8679 today. Prices closed nearer the session high today and scored a bullish “outside day” up on the daily bar chart. The gasoline bulls and bears are now 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 $2.9000. Bears’ next downside price breakout objective is closing prices below solid support at the May low of $2.6879. First resistance is seen at today’s high of $2.8724 and then at last week’s high of $2.8884. First support is seen at $2.8500 and then at $2.8250. Wyckoff’s Market Rating: 5.0.
June natural gas closed up 4.1 cents at $4.065 today. Prices closed nearer the session high today and saw more short covering. Bulls have the slight overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.20. The next downside price breakout objective for the bears is closing prices below solid technical support at $3.80. First resistance is seen at today’s high of $4.078 and then at $4.15. First support is seen at $4.00 and then at $3.95. Wyckoff’s Market Rating: 5.5.
