by Jim Wyckoff, Senior Analyst TraderPlanet.com
JANUARY CRUDE OIL
January crude oil closed up $3.88 at $93.95 a barrel today. Prices closed nearer the session high today and hit a fresh two-week high. Prices also produced a bullish upside “breakout” from a recent trading range and pushed well above strong technical resistance at the $90.00 level. Bulls have regained upside technical momentum with today’s strong gains. A bullish weekly DOE report and power outages in Oklahoma, due to an ice storm, boosted the market today. Still, I look for more high volatility both on the upside and on the downside. The next downside price objective for the bears is producing a close below what is again solid technical support at $90.00 a barrel. The next upside price objective for the bulls is to produce a close above solid chart resistance at $95.00. First resistance is seen at $94.00 and then at $95.00. First support is seen at $93.00 and then at $92.00.
Wyckoff’s Market Rating: 8.0.
JANUARY HEATING OIL
January heating oil closed up 1,126 points at $2.6356 today. Prices closed near the session high and hit a fresh two-week high on a bullish distillate draw in today’s DOE report. Bulls have the overall near-term technical advantage and have regained upside momentum. Their next upside price objective is closing prices above solid resistance at the November high of $2.7385. Bears’ next downside price objective is producing a close below solid technical support at $2.5000. First support lies at today’s high of $2.6583 and then at $2.6719. First resistance is seen at $2.6000 and then at $2.5750.
Wyckoff’s Market Rating: 8.0.
JANUARY UNLEADED GASOLINE
January (RBOB) unleaded gasoline closed up 1,096 points at $2.4010 today. Prices closed nearer the session high today and hit a fresh two-week high. The next upside price objective for the bulls is closing prices above resistance at the November high of $2.4848. Bears’ next downside price objective is closing prices below support at today’s low of $2.2771. First resistance is seen at today’s high of $2.4198 and then at $2.4500. First support is seen at $2.3750 and then at $2.3500.
Wyckoff’s Market Rating: 7.5.
JANUARY NATURAL GAS
Wyckoff’s Market Rating: 2.0.