by Jim Wyckoff, Senior Analyst TraderPlanet.com
FEBRUARY CRUDE OIL
February crude oil closed down $0.18 at $91.06 a barrel today. Prices closed nearer the session low today in quieter trading. Bulls still have the overall near-term technical advantage. The next downside price objective for the bears is producing multiple closes below 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 last week’s high of $94.85. First resistance is seen at today’s high of $92.25 and then at $93.00. First support is seen at $90.00 and then at this week’s low of $89.15.
Wyckoff’s Market Rating: 7.0.
FEBRUARY HEATING OIL
February heating oil closed down 95 points at $2.5859 today. Prices closed nearer the session low today. Bulls still have the overall near-term technical advantage. Their next upside price objective is closing prices above solid resistance at last week’s high of $2.6600. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $2.5321. First resistance lies at today’s high of $2.6290 and then at $2.6600. First support is seen at $2.5750 and then at $2.5500.
Wyckoff’s Market Rating: 7.0.
FEBRUARY (RBOB) UNLEADED GASOLINE
February (RBOB) unleaded gasoline closed down 25 points at $2.3584 today. Prices closed near mid-range again today. The next upside price objective for the bulls is closing prices above resistance at last week’s high of $2.4434. Bears’ next downside price objective is closing prices below support at $2.2900. First resistance is seen at $2.4000 and then at $2.4434. First support is seen at this week’s low of $2.3139 and then at $2.2900.
Wyckoff’s Market Rating: 7.0.
FEBRUARY NATURAL GAS
February natural gas closed down 2.4 cents at $7.275 today. Prices closed near mid-range today. The bears still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at last week’s high of $7.608. The next downside price objective for the bears is closing prices below solid technical support at $7.00. First resistance is seen at today’s high of $7.352 and then at $7.50. First support is seen at today’s low of $7.15 and then at $7.00.
Wyckoff’s Market Rating: 1.5.
