by Jim Wyckoff, Senior Analyst TraderPlanet.com
MAY CRUDE OIL
May crude oil closed down $0.07 at $114.86 a barrel yesterday. Prices closed near mid-range and hit another fresh contract and all-time high. Not much new. 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 $120.00. The next downside price objective for the bears is producing a close below solid technical support at $110.00 a barrel. First resistance is seen at yesterday’s contract high of $115.54 and then at $116.00. First support is seen at $114.00 and then at $113.00.
Wyckoff’s Market Rating: 9.0
MAY HEATING OIL
May heating oil closed down 156 points at $3.2674 yesterday. Prices closed nearer the session low yesterday. Bulls still have the solid technical advantage. The bulls’ next upside price objective is closing prices above strong technical resistance at the 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 yesterday’s high of $3.3060 and then at $3.3204. First support is seen at $3.2116 and then at $3.1557.
Wyckoff’s Market Rating: 8.5
MAY UNLEADED GAS
May (RBOB) unleaded gasoline closed up 188 points at $2.9578 yesterday. Prices closed near mid-range yesterday and hit another fresh contract and all-time high. Bulls still have the solid technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at $3.0000. Bears’ next downside price objective is closing prices below solid support at $2.8500. First resistance is seen at yesterday’s contract high of $2.9749 and then at $3.0000. First support is seen at yesterday’s low of $2.9335 and then at $2.9000.
Wyckoff’s Market Rating: 10.0
MAY NATURAL GAS
May natural gas closed down 4.8 cents at $10.385 yesterday. Prices closed near the session low yesterday on mild profit- taking pressure after hitting a fresh contract high early on yesterday. Bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at $10.75. The next downside price objective for the bears is closing prices below psychological support at $10.00. First resistance is seen at yesterday’s contract high of $10.536 and then at $10.75. First support is seen at $10.21 and then at $10.00.
Wyckoff’s Market Rating: 8.5
