ENERGIES: July Nymex crude oil closed down $0.15 at $106.75 today. Prices closed nearer the session low today on mild profit taking after hitting a contract high on Friday. Trouble in the Middle East again is boosting oil. Crude oil bulls have the solid near-term technical advantage. A five-month-old uptrend 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 $110.00 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 $104.50. First resistance is seen at $107.00 and then at the contract high of $107.68. First support is seen at $106.37 and then at $106.00. Wyckoff’s Market Rating: 8.0
July heating oil closed up 74 points at $2.9950 today. Prices closed near mid-range and closed at a seven-week high close today. The bulls have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $3.0367. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.9200. First resistance lies at today’s high of $3.0065 and then at last week’s high of $3.0239. First support is seen at today’s low of $2.9828 and then at $2.9681. Wyckoff’s Market Rating: 6.5
July (RBOB) unleaded gasoline closed up 161 points at $3.0738 today. Prices closed nearer the session high today and are hovering near last week’s contract high. The gasoline bulls have the solid near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.1500. Bears’ next downside price breakout objective is closing prices below solid support at $2.9600. First resistance is seen at today’s high of $3.0811 and then at $3.1000. First support is seen at today’s low of $3.0523 and then at $3.0200. Wyckoff’s Market Rating: 8.0
July natural gas closed down 3.3 cents at $4.706 today. Prices closed nearer the session high low after hitting a nearly four-month high early on today. Prices scored a big and bearish “outside day” down on the daily bar chart today and also it appears the bears became exhausted at higher price levels. The nat gas bulls still have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the February high of $4.915. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $4.504. First resistance is seen at $4.75 and then at $4.80. First support is seen at today’s low of $4.669 and then at $4.60. Wyckoff’s Market Rating: 6.0
