ENERGIES: June Nymex crude oil closed down $0.52 at $100.24 today. Prices closed nearer the session low today. Crude oil bulls have the 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 last week’s high of $102.20 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 $98.74. First resistance is seen at $101.00 and then at $101.50. First support is seen at $100.00 and then at $99.50. Wyckoff’s Market Rating: 6.0
June heating oil closed down 108 points at $2.9167 today. Prices closed near mid-range. The bears have the near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.9800. Bears’ next downside price breakout objective is producing a close below solid technical support at the April low of $2.8434. First resistance lies at today’s high of $2.9319 and then at $2.9500. First support is seen at today’s low of $2.9069 and then at $2.9000. Wyckoff’s Market Rating: 4.0
June (RBOB) unleaded gasoline closed down 133 points at $2.9049 today. Prices closed near mid-range today. The gasoline bears have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.9800. Bears’ next downside price breakout objective is closing prices below solid support at $2.8500. First resistance is seen at today’s high of $2.9250 and then at $2.9400. First support is seen at today’s low of $2.8919 and then at this week’s low of $2.8718. Wyckoff’s Market Rating: 4.0.
June natural gas closed down 16.5 cents at $4.575 today. Prices closed nearer the session low and hit a three-week low on profit taking and after a bearish weekly nat gas storage report. The nat gas bulls still have the overall near-term technical advantage but faded today. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the April high of $4.852. The next downside price breakout objective for the bears is closing prices below solid technical support at $4.50. First resistance is seen at $4.60 and then at $4.65. First support is seen at today’s low of $4.56 and then at $4.50. Wyckoff’s Market Rating: 6.0
