November crude oil closed up $0.98 a barrel at $92.22 yesterday. Prices closed near mid-range yesterday. Trading remains choppy. Prices yesterday were supported on some fresh tensions in the Middle East. However, a bearish weekly DOE storage report yesterday limited the upside in crude. Bulls and bears are on a level near-term technical playing field. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid technical 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 last week’s low of $87.70. First resistance is seen at yesterday’s high of $92.94 and then at this week’s high of $93.66. First support is seen at yesterday’s low of $91.09 and then at $90.00. Wyckoff’s Market Rating: 5.0
November heating oil closed up 458 points at $3.2590 yesterday. Prices closed nearer the session high yesterday and did hit a fresh 6.5-month high. Bulls have the solid overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $3.3389. Bears’ next downside price breakout objective is producing a close below solid technical support at $3.1000. First resistance lies at yesterday’s high of $3.2668 and then at $3.3000. First support is seen at yesterday’s low of $3.2130 and then at $3.1920. Wyckoff’s Market Rating: 7.5.
November (RBOB) unleaded gasoline closed down 83 points at $2.9506 yesterday. Prices closed near mid-range yesterday. Problems at U.S. refineries have helped drive gasoline futures sharply higher recently. Bulls still 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 $3.0000. Bears’ next downside price breakout objective is closing prices below solid support at the September low of $2.7029. First resistance is seen at $3.0000 and then at $3.0250. First support is seen at yesterday’s low of $2.9258 and then at $2.9000. Wyckoff’s Market Rating: 8.0.
November natural gas closed up 13.0 cents at $3.605 yesterday. Prices closed near the session high yesterday and hit a fresh 9.5-month high. Bulls have the solid near-term technical advantage. Prices yesterday saw an upside breakout from a bullish pennant pattern on the daily bar chart. 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 this week’s low of $3.327. First resistance is seen at yesterday’s high of $3.628 and then at $3.70. First support is seen at $3.546 and then at $3.50. Wyckoff’s Market Rating: 7.5.
