by Jim Wyckoff, Senior Analyst TraderPlanet.com

SEPTEMBER CRUDE OIL

September crude oil closed up $0.33 at $76.86 a barrel today. Prices closed nearer the session high today. There was not good follow-through selling pressure today and a bearish “key reversal” down was not confirmed on the daily bar chart. Bulls still have the solid technical advantage. The next upside price objective for the bulls is producing a close above solid resistance at this week’s high of $78.77 a barrel. The next downside price objective for the bears is producing a close below solid technical support at $75.00 a barrel. First resistance is seen at today’s high of $77.44 and then at $78.00. First support is seen at $76.00 and then at today’s low of $75.52.

Wyckoff’s Market Rating: 8.0.

SEPTEMBER HEATING OIL

September heating oil closed up 52 points at $2.0746 today. Prices closed nearer the session high today. Bulls’ next upside price objective is closing prices above solid resistance at the contract high of $2.1616. Bears’ next downside price objective is producing a close below solid technical support at last week’s low of $2.0290. First support lies at today’s low of $2.0442 and then at $2.0290. First resistance is seen at today’s high of $2.0889 and then at $2.1000.

Wyckoff’s Market Rating: 7.5.

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Source: VantagePoint Intermarket Analysis Software

SEPTEMBER UNLEADED GAS

September (RBOB) unleaded gasoline closed up 66 points at $2.0362 today. Prices today closed nearer the session high today after hitting a fresh 3.5-month low early on. Gasoline prices are still in a downtrend on the daily bar chart, and that should worry crude oil bulls, too. The next upside price objective for the bulls is closing prices above solid resistance at this week’s high of $2.1162. Bears’ next downside price objective is closing prices below psychological support at $2.0000. First resistance is seen at $2.0600 and then at $2.0800. First support is seen at $2.0000 and then at $1.9800.

Wyckoff’s Market Rating: 6.5.

SEPTEMBER NATURAL GAS

September natural gas closed down 24.6 cents at $6.106 today. Prices closed nearer the session low today following a bearish weekly U.S. natural gas storage report. The bears still have the overall near-term technical advantage and gained more power today. The next upside price objective for the bulls is closing prices above solid resistance at this week’s high of $6.684. The next downside price objective for the bears is closing prices below solid technical support at the July low of $5.855. First resistance is seen at today’s high of $6.455 and then at $6.50. First support is seen at today’s low of $6.075 and then at $6.000.

Wyckoff’s Market Rating: 1.0.

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Source: VantagePoint Intermarket Analysis Software