ENERGIES
April crude oil closed up $1.13 a barrel at $91.56 yesterday. Prices closed nearer the session high yesterday on short covering. A lower U.S. dollar index was a bullish factor for crude oil today. The crude oil bears still have the 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 $93.00 a barrel. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support atthis week’s low of $89.33. First resistance is seen at today’s high of $91.73 and then at $92.00. First support is seen at $91.00 and then at today’s low of $90.22. Wyckoff’s Market Rating: 4.0
April heating oil closed down 8 points at $2.9748 yesterday. Prices closed near mid-range yesterday. Bears have the 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 the December low of $2.8900. First resistance lies at yesterday’s high of $2.9855 and then at $3.0000. First support is seen at yesterday’s low of $2.9580 and then at $2.9200. Wyckoff’s Market Rating: 3.5.
April (RBOB) unleaded gasoline closed up 36 points at $3.1283 yesterday. Prices closed nearer the session high. The gasoline bears have the near-term technical advantage. A bear flag pattern has formed on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.2000. Bears’ next downside price breakout objective is closing prices below solid support at $3.0000. First resistance is seen at $3.1500 and then at this week’s high of $3.1719. First support is seen at $3.1000 and then at this week’s low of $3.0786. Wyckoff’s Market Rating: 4.0.
April natural gas closed up 11.6 cents at $3.586 yesterday. Prices closed nearer the session high today. Nat gas bulls today gained the slight near-term technical advantage following a bullish weekly U.S. storage report. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the January high of $3.67. The next downside price breakout objective for the bears is closing prices below solid technical support at $3.25. First resistance is seen at today’s high of $3.603 and then at $3.67. First support is seen $3.50 and then at yesterday’s low of $3.463. Wyckoff’s Market Rating: 5.5.
