by Jim Wyckoff, Senior Analyst TraderPlanet.com

JUNE CRUDE OIL

June crude oil closed down $2.24 at $116.06 a barrel yesterday. Prices closed near mid-range yesterday and were pressured by a much stronger U.S. dollar and lower gold prices. No chart damage occurred by strong follow-through selling pressure and a bearish weekly low close on Friday would provide the bears with some fresh downside technical momentum. 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 $118.98. The next downside price objective for the bears is producing a close below solid technical support at $112.00 a barrel. First resistance is seen at $117.00 and then at yesterday’s high of $118.30. First support is seen at $115.00 and then at yesterday’s low of $114.25.

Wyckoff’s Market Rating: 8.0

JUNE HEATING OIL

June heating oil closed down 591 points at $3.2481 yesterday. Prices closed nearer the session low yesterday on profit taking. No chart damage occurred. 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 $3.3248. Bears’ next downside price objective is producing a close below solid technical support at $3.1500. First resistance lies at $3.2750 and then at $3.3000. First support is seen at yesterday’s low of $3.2225 and then at $3.2000.

Wyckoff’s Market Rating: 8.0

JUNE UNLEADED GAS

June (RBOB) unleaded gasoline closed down 331 points at $3.0093 yesterday. Prices closed near mid-range yesterday and were pressured on profit taking. Bulls still have the solid technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at $3.1000. Bears’ next downside price objective is closing prices below solid support at $2.9500. First resistance is seen at the contract high of $3.0465 and then at $3.0750. First support is seen at yesterday’s low of $2.9647 and then at $2.9500.

Wyckoff’s Market Rating: 8.0

JUNE NATURAL GAS

June natural gas closed down 0.3 cents at $10.943 yesterday. Prices closed near mid-range yesterday and did hit another fresh contract high. Bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at $11.25. The next downside price objective for the bears is closing prices below solid technical support at $10.431. First resistance is seen at yesterday’s contract high of $11.099 and then at $11.25. First support is seen at yesterday’s low of $10.745 and then at this week’s low of $10.574.

Wyckoff’s Market Rating: 8.5