ENERGIES: June Nymex crude oil closed down $0.61 at $96.01 yesterday. Prices closed near mid-range yesterday and were pressured by a stronger U.S. dollar index. Crude bulls still have the near-term technical advantage. Prices are in a steep three-week-old uptrend on the daily bar chart. The next near-term upside price breakout objective for the crude oil bulls is producing a close solid chart resistance at $98.00 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 $92.50. First resistance is seen at yesterday’s high of $96.77 and then at this week’s high of $97.17. First support is seen at yesterday’s low of $95.35 and then at $95.00. Wyckoff’s Market Rating: 6.0
June heating oil closed up 98 points at $2.9245 yesterday. Prices closed near mid-range yesterday. Bears have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.0000. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.8000. First resistance lies at this week’s high of $2.9474 and then at $2.9750. First support is seen at $2.8982 and then at this week’s low of $2.8718. Wyckoff’s Market Rating: 3.5.
June (RBOB) unleaded gasoline closed up 220 points at $2.8758 yesterday. Prices closed nearer the session high yesterday and hit another fresh four-week high. The gasoline bears still have the slight overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.9500. Bears’ next downside price breakout objective is closing prices below solid support at last week’s low of $2.6879. First resistance is seen at yesterday’s high of $2.8884 and then at $2.9000. First support is seen at $2.8500 and then at yesterday’s low of $2.8250. Wyckoff’s Market Rating: 4.5.
June natural gas closed up 0.3 cents at $3.981 yesterday. Prices closed nearer the session high yesterday on short covering after hitting another fresh seven-week low early on. Bulls have faded recently and need to show more power soon. Bulls do have the slight overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.20. The next downside price breakout objective for the bears is closing prices below solid technical support at $3.80. First resistance is seen at yesterday’s high of $4.02 and then at this week’s high of $4.056. First support is seen at yesterday’s low of $3.883 and then at $3.85. Wyckoff’s Market Rating: 5.5.
