by Jim Wyckoff, Senior Analyst TraderPlanet.com
MAY CRUDE OIL
May crude oil closed down $1.00 at $103.83 a barrel yesterday. Prices closed nearer the session low yesterday. A bearish descending triangle pattern has formed on the daily bar chart. The next upside price objective for the crude oil bulls is to produce a close above solid technical resistance at $108.22. The next downside price objective for the bears is producing a close below major psychological support at $100.00 a barrel. First resistance is seen at $105.00 and then at $106.00. First support is seen at $104.00 and then at yesterday’s low of $103.21.
Wyckoff’s Market Rating: 7.5
MAY HEATING OIL
May heating oil closed down 177 points at $2.9333 yesterday. Prices closed nearer the session low yesterday. A bullish symmetrical triangle pattern has formed on the daily bar chart. The bulls’ next upside price objective is closing prices above psychological resistance at $3.0000. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $2.8489. First resistance lies at $2.9632 and then at $3.0000. First support is seen at $2.9000 and then at $2.8750.
Wyckoff’s Market Rating: 7.5
MAY UNLEADED GAS
May (RBOB) unleaded gasoline closed down 493 points at $2.7243 yesterday. Prices closed nearer the session low yesterday on profit-taking pressure from big gains Wednesday. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $2.7836. Bears’ next downside price objective is closing prices below solid support at $2.6750. First resistance is seen at $2.7500 and then at yesterday’s high of $2.7750. First support is seen at yesterday’s low of $2.7116 and then at $2.7000.
Wyckoff’s Market Rating: 8.0
MAY NATURAL GAS
May natural gas closed down 41.5 cents at $9.417 yesterday. Prices closed nearer the session low. No serious chart damage has occurred recently but the bulls faded yesterday and do not want to see a bearish weekly low close on Friday. A bullish symmetrical triangle pattern has formed on the daily bar chart. The next upside price objective for the bulls is closing prices above psychological resistance at $10.00. The next downside price objective for the bears is closing prices below psychological support at $9.00. First resistance is seen at $9.50 and then at $9.75. First support is seen at $9.30 and then at $9.20.
Wyckoff’s Market Rating: 7.0
