by Jim Wyckoff, Senior Analyst TraderPlanet.com

MAY CRUDE OIL

May crude oil closed down $0.76 at $110.11 a barrel yesterday. Prices closed near mid-range yesterday. Crude bulls still have the solid near-term technical advantage. The next upside price objective for the crude oil bulls is to produce a close above solid technical resistance at the contract high of $112.21. The next downside price objective for the bears is producing a close below solid technical support at $106.00 a barrel. First resistance is seen at $111.00 and then at $112.21. First support is seen at yesterday’s low of $108.75 and then at $107.50.

Wyckoff’s Market Rating: 8.5

MAY HEATING OIL

May heating oil closed down 405 points at $3.1940 yesterday. Prices closed near the session low yesterday after hitting a fresh contract and all-time high early on yesterday. Bulls still have the technical advantage but may be getting exhausted at higher price levels, as evidenced by yesterday’s low-range close. The bulls’ next upside price objective is closing prices above strong technical resistance at yesterday’s contract high of $3.3204. Bears’ next downside price objective is producing a close below solid technical support at $3.1000. First resistance lies at $3.2561 and then at $3.3000. First support is seen at $3.1500 and then at $3.1000.

Wyckoff’s Market Rating: 8.5

MAY UNLEADED GAS

May (RBOB) unleaded gasoline closed down 72 points at $2.7670 yesterday. Prices closed nearer the session high yesterday. Bulls still have the solid technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $2.8228. Bears’ next downside price objective is closing prices below solid support at this week’s low of $2.7287. First resistance is seen at yesterday’s high of $2.8041 and then at $2.8228. First support is seen at $2.7500 and then at $2.7287.

Wyckoff’s Market Rating: 8.0

MAY NATURAL GAS

May natural gas closed up 1.9 cents at $10.075 yesterday. Prices closed near the session low. Bulls still have the solid near-term technical advantage but if prices sell off from here the specter of a bearish double-top reversal develops. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $10.365. The next downside price objective for the bears is closing prices below solid technical support at $9.50. First resistance is seen at yesterday’s high of $10.314 and then at $10.365. First support is seen at $9.90 and then at $9.75.

Wyckoff’s Market Rating: 8.0