by Jim Wyckoff, Senior Analyst TraderPlanet.com

MARCH CRUDE OIL

March crude oil closed up $2.19 at $95.46 a barrel on Thursday. Prices closed near the session high and hit a fresh five-week high yesterday amid fresh speculative and commodity fund buying. Prices yesterday saw a bullish upside “breakout” from a bull flag on the daily bar chart. The next downside price objective for the bears is producing a close below solid technical support at $92.00 a barrel. The next upside price objective for the bulls is to produce a close above solid chart resistance at $97.00. First resistance is seen at $96.00 and then at $97.00. First support is seen at $94.72 and then at $94.00.

Wyckoff’s Market Rating
: 8.0

MARCH HEATING OIL

March heating oil closed up 510 points at $2.6666 yesterday. Prices closed near the session high and hit a fresh five- week high yesterday. Prices yesterday saw a bullish upside “breakout” from a bull flag on the daily bar chart. The bulls’ next upside price objective is closing prices above solid resistance at the contract high of $2.7331. Bears’ next downside price objective is producing a close below solid technical support at $2.5500. First resistance lies at yesterday’s high of $2.6700 and then at $2.7000. First support is seen at $2.6500 and then at yesterday’s low of $2.6186.

Wyckoff’s Market Rating: 8.0

MARCH UNLEADED GASOLINE

March (RBOB) unleaded gasoline closed up 862 points at $2.4761 yesterday. Prices closed near the session high and hit a fresh five-week high. Prices saw a bullish upside breakout from a bull flag on the daily bar chart. The next upside price objective for the bulls is closing prices above solid resistance at $2.5100. Bears’ next downside price objective is closing prices below solid support at $2.3500. First resistance is seen at yesterday’s high of $2.4800 and then at $2.5000. First support is seen at $2.4500 and then at $2.4300.

Wyckoff’s Market Rating: 8.0

MARCH NATURAL GAS

March natural gas closed up 39.7 cents at $8.785 yesterday. Prices closed near the session high and hit a fresh 3.5- month high yesterday. Bulls yesterday gained solid upside technical momentum amid the big rallies in most commodity markets yesterday. The next upside price objective for the bulls is closing prices above solid technical resistance at the November high of $8.83. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $8.336. First resistance is seen at yesterday’s high of $8.81 and then at $8.83. First support is seen at $8.60 and then at $8.50.

Wyckoff’s Market Rating: 7.0