Energies – August 10, 2007

September crude oil closed down $0.58 at $71.57 a barrel today. Prices closed near mid-range and did hit a fresh five-week low today. Stock market jitters are aiding the bears. Serious near-term technical damage has been inflicted recently, to still suggest a market top is in place. The next upside price objective for the bulls is producing a close above solid resistance at this week’s high of $73.20 a barrel. The next downside price objective for the bears is producing a close below solid technical support at today’s low of $70.50 a barrel. First resistance is seen at $72.00 and then at today’s high of $72.40. First support is seen at $71.00 and then at today’s low of $70.50.

Wyckoff’s Market Rating: 5.0.

SEPTEMBER HEATING OIL

September heating oil closed up 204 points at $1.9872 today. Prices closed near the session high. Serious near-term chart damage has been inflicted recently to suggest a major market top is in place. A bear flag has formed on the daily bar chart. Bulls’ next upside price objective is closing prices above solid resistance $2.0000. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $1.9290. First support lies at $1.9700 and then at $1.9500. First resistance is seen at $2.0000 and then at $2.0250.

Wyckoff’s Market Rating: 6.0.

SEPTEMBER UNLEADED GAS

September (RBOB) unleaded gasoline closed down 2 points at $1.9375 today. Prices today closed nearer the session high. Serious near-term chart damage has been inflicted recently to suggest a market top is in place. Gasoline prices are in a steep downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above solid resistance at $2.0000. Bears’ next downside price objective is closing prices below support at this week’s low of $1.8945. First resistance is seen at $1.9500 and then at $1.9767. First support is seen at $1.9250 and then at $1.8945.

Wyckoff’s Market Rating: 5.0.