by Jim Wyckoff, Senior Analyst TraderPlanet.com
SEPTEMBER CRUDE OIL
September crude oil closed up $1.22 at $119.77 a barrel yesterday. Prices closed near mid-range yesterday on short covering after recent strong losses. Serious near-term chart damage has been inflicted recently to still suggest a market top is in place. Prices are still in a steep three- week-old downtrend on the daily bar chart. The next upside price objective for the crude oilbulls is to produce a close above solid technical resistance at $122.50. The next downside price objective for the bears is producing a close below solid technical support at this week’s low of $117.11 a barrel. First resistance is seen at yesterday’s high of $121.78 and then at $122.50. First support is seen at yesterday’s low of $117.91 and then at $117.11.
Wyckoff’s Market Rating: 4.5
SEPTEMBER HEATING OIL
September heating oil closed down 89 points at $3.2290 yesterday. Prices closed nearer the session low and hit another fresh three-month low yesterday. Prices are still in a three- week-old downtrend on the daily bar chart. The bulls’ next upside price objective is closing prices above technical resistance at $3.4000. Bears’ next downside price objective is producing a close below solid technical support at the May low of $3.1140. First resistance lies at $3.2500 and then at yesterday’s high of $3.3074. First support is seen at yesterday’s low of $3.1973 and then at $3.1750.
Wyckoff’s Market Rating: 3.0
SEPTEMBER UNLEADED GAS
September (RBOB) unleaded gasoline closed up 447 points at $2.9940 yesterday. Prices closed near mid-range yesterday. Prices are still in a three-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above solid resistance at $3.1200. Bears’ next downside price objective is closing prices below solid support at $2.9000. First resistance is seen at yesterday’s high of $3.0302 and then at $3.0500. First support is seen at yesterday’s low of $2.935 and then at this week’s low of $2.9156.
Wyckoff’s Market Rating: 4.0
SEPTEMBER NATURAL GAS
September natural gas closed down 21.8 cents at $8.555 yesterday. Prices closed near the session low and scored a bearish “outside day” down on the daily bar chart yesterday. Prices are still in a steep four-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above resistance at this week’s high of $9.60. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $8.335. First resistance is seen at yesterday’s high of $9.092 and then at $9.35. First support is seen at yesterday’s low of $8.486 and then at $8.335.
Wyckoff’s Market Rating: 2.0
