by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH CRUDE OIL
March crude oil closed down $0.58 at $91.75 a barrel today. Prices closed nearer the session high again today after being under solid selling pressure early on. The next downside price objective for the bears is producing a close below solid technical support at $89.00 a barrel. The next upside price objective for the bulls is to produce a close above solid chart resistance at $94.00. First resistance is seen at $92.50 and then at $93.00. First support is seen at $91.00 and then at $90.00.
Wyckoff’s Market Rating: 7.0.
MARCH HEATING OIL
March heating oil closed down 133 points at $2.5291 today. Prices closed nearer the session high today. The bulls’ next upside price objective is closing prices above solid resistance at $2.6000. Bears’ next downside price objective is producing a close below solid technical support at $2.4500. First resistance lies at this week’s high of $2.5549 and then at $2.5750. First support is seen at $2.5000 and then at today’s low of $2.4700.
Wyckoff’s Market Rating: 7.0
MARCH (RBOB)
March (RBOB) unleaded gasoline closed down 198 points at $2.3572 today. Prices closed nearer the session high today. The next upside price objective for the bulls is closing prices above resistance at $2.4000. Bears’ next downside price objective is closing prices below solid support at $2.3000. First resistance is seen at today’s high of $2.3699 and then at this week’s high of $2.3936. First support is seen at $2.3250 and then at $2.3000.
Wyckoff’s Market Rating: 7.0
