by Jim Wyckoff, Senior Analyst TraderPlanet.com

OCTOBER CRUDE OIL

October crude oil closed up $0.57 at $69.83 a barrel today. Prices closed nearer the session high on short covering. The next upside price objective for the bulls is producing a close above solid resistance at $71.50 a barrel. The next downside price objective for the bears is producing a close below solid technical support at this week’s low of $68.63 a barrel. First resistance is seen at $70.00 and then at $70.50. First support is seen at today’s low of $69.03 and then at $68.63.

Wyckoff’s Market Rating: 4.5.

OCTOBER HEATING OIL

October heating oil closed up 140 points at $1.9784 today. Prices closed near the session high today. Bulls’ next upside price objective is closing prices above solid resistance at $2.0200. Bears’ next downside price objective is producing a close below solid technical support at $1.9250. First support lies at today’s low of $1.9647 and then at this week’s low of $1.9507. First resistance is seen at today’s high of $1.9853 and then at $2.0000.

Wyckoff’s Market Rating: 4.5.

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Source: VantagePoint Intermarket Analysis Software

OCTOBER UNLEADED GAS

October (RBOB) unleaded gasoline closed up 309 points at $1.8573 today. Prices today closed near the session high on short covering. Prices Wednesday and hit a fresh five-month low. Gasoline prices are still in a six-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above solid resistance at $1.9000. Bears’ next downside price objective is closing prices below support at this week’s low of $1.8037. First resistance is seen at today’s high of $1.8600 and then at $1.8800. First support is seen at $1.8400 and then at today’s low of $1.8252.

Wyckoff’s Market Rating: 4.0.

OCTOBER NATURAL GAS

October natural gas closed up 5.5 cents at $5.845 today. Prices hit another fresh 2.5-year low today and closed near mid-range on tepid short covering in a bear market. Serious chart damage has occurred recently. Bears have solid downside technical power, amid ample U.S. supplies and a present lack of a storm threat in the Gulf of Mexico. But that can change quickly. The next downside price objective for the bears is closing prices below solid technical support at $5.50. The next upside price objective for the bulls is closing prices above solid resistance at of $6.25. First resistance is seen at $6.00 and then at $6.107. First support is seen at today’s low of $5.746 and then at $5.70.

Wyckoff’s Market Rating: 1.0.

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Source: VantagePoint Intermarket Analysis Software