ENERGIES: May crude oil closed down $2.79 at $94.41 yesterday. Prices closed nearer the session low yesterday and were pressured by a bearish weekly DOE report and by a weaker U.S. ADP national employment report. Bulls faded badly yesterday and need to show fresh power soon. Crude oil bulls still have the slight near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is producing a close solid chart resistance at this week’s high of $97.80 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 $92.00. First resistance is seen at $95.00 and then at $95.50. First support is seen at yesterday’s low of $94.18 and then at $93.50. Wyckoff’s Market Rating: 5.5
May heating oil closed down 862 points at $3.0023 yesterday. Prices closed near the session low yesterday. Bears now have the near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at this week’s high of $3.1044. Bears’ next downside price breakout objective is producing a close below solid technical support at the March low of $2.9551. First resistance lies at $3.0200 and then at $3.0400. First support is seen at yesterday’s low of $2.9923 and then at $2.9750. Wyckoff’s Market Rating: 4.0.
May (RBOB) unleaded gasoline closed down 1,308 points at $2.9097 yesterday. Prices closed near the session low yesterday and hit a fresh 2.5-month low. The gasoline bears have quickly gained the near-term technical advantage yesterday as prices are in an accelerating seven-week-old downtrend on the daily bar chart. 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 January low of $2.8757. First resistance is seen at $2.9500 and then at $2.9750. First support is seen at yesterday’s low of $2.9054 and then at $2.8757. Wyckoff’s Market Rating: 3.5.
May natural gas closed down 6.6 cents at $3.902 yesterday. Prices closed nearer the session low yesterday on profit taking and big losses in the liquid energy futures. Nat gas bulls still have the near-term technical advantage but have faded a bit. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at last week’s high of $4.121. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $3.885. First resistance is seen at yesterday’s high of $3.985 and then at this week’s high of $4.044. First support is seen at $3.885 and then at $3.85. Wyckoff’s Market Rating: 6.5.
