June crude oil closed down $1.65 at $98.45 a barrel yesterday. Prices closed nearer the session low yesterday. Trading has been choppy and sideways for the past week. The next near-term upside price breakout objective for the bulls is producing a close above technical resistance at $102.50 a barrel. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at the May low of $94.63. First resistance is seen at $99.00 and then at $100.00. First support is seen at $98.00 and then at $97.50.

Wyckoff’s Market Rating: 5.0.

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Source: VantagePoint Intermarket Analysis Software

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June heating oil closed down 99 points at $2.8960 yesterday. Prices closed near mid-range yesterday. Serious near-term technical damage has been inflicted recently to suggest a market top is in place. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $3.0224. Bears’ next downside price breakout objective is producing a close below solid technical support at the May low of $2.7695. First resistance lies at yesterday’s high of $2.9250 and then at $2.9500. First support is seen at yesterday’s low of $2.8805 and then at $2.8500.

Wyckoff’s Market Rating: 4.5.

June (RBOB) unleaded gasoline closed down 370 points at $2.9185. Prices closed near the session low and scored a bearish “outside day” down on the daily bar chart. Near-term technical damage has been inflicted recently to suggest a market top is in place. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.1500. Bears’ next downside price breakout objective is closing prices below solid support at the March low of $2.7745. First resistance is seen at $2.9500 and then at $2.9750. First support is seen at $2.9000 and then at $2.8750.

Wyckoff’s Market Rating: 4.5.

June natural gas closed down 10.2 cents at $4.096 yesterday. Prices closed near the session low yesterday and hit a fresh five-week low. Near-term chart damage has occurred recently, including more yesterday. Bears have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at this week’s high of $4.339. The next downside price breakout objective for the bears is closing prices below solid technical support at the April low of $4.056. First resistance is seen at $4.15 and then at $4.20. First support is seen at yesterday’s low of $4.088 and then at $4.056.

Wyckoff’s Market Rating: 2.5.