February crude oil closed up $0.89 a barrel at $91.69 yesterday. Prices closed nearer the session high, hit a fresh nine-week high and scored a bullish “outside day” up on the daily bar chart yesterday. The bulls have upside near-term technical momentum and they have the overall near-term technical advantage. 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 $88.00. First resistance is seen at yesterday’s high of $91.99 and then at $92.50. First support is seen at $91.00 and then at yesterday’s low of $90.00. Wyckoff’s Market Rating: 6.0
February heating oil closed up 127 points at $3.0340 yesterday. Prices closed nearer the session high yesterday. Bulls have the slight near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the December high of $3.1026. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.9600. First resistance lies at $3.0619 and then at $3.0800. First support is seen at $3.0000 and then at last week’s low of $2.9846. Wyckoff’s Market Rating: 5.5.
February (RBOB) unleaded gasoline closed up 65 points at $2.7650 yesterday. Prices closed nearer the session high yesterday. Bulls have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the September high of $2.8660. Bears’ next downside price breakout objective is closing prices below solid support at $2.6500. First resistance is seen at yesterday’s high of $2.7820 and then at last week’s high of $2.8123. First support is seen at $2.7500 and then at yesterday’s low of $2.7211. Wyckoff’s Market Rating: 6.5.
February natural gas closed down 10.0 cents at $3.368 yesterday. Prices closed nearer the session low yesterday. Trading has turned choppy. Nat gas bears have the overall near-term technical advantage. A five-week-old downtrend is in place on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.55. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of $3.222. First resistance is seen at $3.45 and then at $3.50. First support is seen at yesterday’s low of $3.341 and then at the December low of $3.316. Wyckoff’s Market Rating: 3.0.
