ENERGIES: May crude oil closed down $3.05 at $88.24 yesterday. Prices closed nearer the session low yesterday, hit a fresh four-month low and were pressured by the big drop in gold prices. Bears have quickly gained the near-term technical advantage and still have downside near-term momentum. The next near-term upside price breakout objective for the crude oil bulls is producing a close solid chart resistance at $92.00 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 the November low of $86.95. First resistance is seen at $89.00 and then at $90.00. First support is seen at yesterday’s low of $87.86 and then at $87.50. Wyckoff’s Market Rating: 3.0
May heating oil closed down 678 points at $2.8040 yesterday. Prices closed nearer the session low and hit a fresh nine-month low yesterday. Bears have the near-term technical advantage and gained more power yesterday. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.9250. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.7000. First resistance lies at $2.8250 and then at $2.8500. First support is seen at yesterday’s low of $2.8015 and then at $2.7750. Wyckoff’s Market Rating: 2.0.
May (RBOB) unleaded gasoline closed down 668 points at $2.7350 yesterday. Prices closed near the session low yesterday and hit a fresh 5.5-month low. The gasoline bears have the solid near-term technical advantage and gained more downside momentum yesterday. Prices are in a steep two-month-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.9000. Bears’ next downside price breakout objective is closing prices below solid support at the November low of $2.7109. First resistance is seen at $2.7500 and then at $2.7750. First support is seen at yesterday’s low of $2.7335 and then at $2.7000. Wyckoff’s Market Rating: 2.0.
May natural gas closed down 8.5 cents at $4.137 yesterday. Prices closed nearer the session low yesterday and scored a fresh 16-month high early on. Prices also scored a bearish “outside day” down on the daily bar chart yesterday. Nat gas bulls still have the overall near-term technical advantage but did fade a bit yesterday. Prices are still in a two-month-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.30. The next downside price breakout objective for the bears is closing prices below solid technical support at the April low of $3.861. First resistance is seen at $4.185 and then at $4.25. First support is seen at yesterday’s low of $4.12 and then at $4.05. Wyckoff’s Market Rating: 7.5.
