ENERGIES: August Nymex crude oil closed up $1.64 at $108.12 yesterday. Prices closed nearer the session high yesterday and hit a fresh 14-month high. Bulls have the solid near-term technical advantage. 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 $100.00. First resistance is seen at yesterday’s high of $108.43 and then at $109.00. First support is seen at $107.00 and then at yesterday’s low of $106.15. Wyckoff’s Market Rating: 8.5
August heating oil closed up 401 points at $3.1113 yesterday. Prices closed near the session high and hit another fresh 4.5-month high yesterday. Bulls have the solid near-term technical advantage and have momentum on their side. 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 $3.1116 and then at $3.1500. First support is seen at $3.1000 and then at $3.0750. Wyckoff’s Market Rating: 7.5.
August (RBOB) unleaded gasoline closed up 126 points at $3.1227 yesterday. Prices closed nearer the session high yesterday. A big bull flag has formed on the daily bar chart. 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 $3.2000. Bears’ next downside price breakout objective is closing prices below solid support at $3.0000. First resistance is seen at Tuesday’s contract high of $3.1508 and then at $3.1750. First support is seen at this week’s low of $3.0705 and then at $3.0500. Wyckoff’s Market Rating: 8.0.
August natural gas closed up 18.1 cents at $3.81 yesterday. Prices closed nearer the session high yesterday and hit a fresh nearly four-week high. Prices also saw a bullish upside “breakout” from the recent sideways trading range, to suggest that a market bottom is in place. A 10-week-old downtrend on the daily bar chart was negated yesterday. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.00. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of $3.526. First resistance is seen at yesterday’s high of $3.835 and then at $3.90. First support is seen at $3.75 and then at $3.70. Wyckoff’s Market Rating: 5.0.
