by Jim Wyckoff, Senior Analyst TraderPlanet.com

MARCH CRUDE OIL

March crude oil closed up $0.97 at $88.11 a barrel Thursday. Prices closed nearer the session high Thursday after hitting a fresh three-week low early on. Short covering was featured Thursday. Prices are still in a five- week-old downtrend on the daily bar chart. The next downside price objective for the bears is producing a close below solid technical support at the January low of $85.42 a barrel. The next upside price objective for the bulls is to produce a close above solid chart resistance at $90.00. First resistance is seen at $89.00 and then at $90.00. First support is seen at $87.00 and then at Thursday’s low of $86.24.

Wyckoff’s Market Rating:
6.5

MARCH HEATING OIL

March heating oil closed up 397 points at $2.4585 Thursday. Prices closed nearer the session high on short covering. Prices are still in a five-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is closing prices above solid resistance at last week’s high of $2.5549. Bears’ next downside price objective is producing a close below solid technical support at the January low of $2.3975. First resistance lies at $2.4750 and then at $2.5000. First support is seen at $2.4250 and then at Thursday’s low of $2.4042.

Wyckoff’s Market Rating: 6.5

MARCH UNLEADED GASOLINE

March (RBOB) unleaded gasoline closed up 279 points at $2.2678 Thursday. Prices closed nearer the session high on short covering Thursday after hitting another fresh 3.5-month low early on. Prices are still in a five-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above resistance at $2.3250. Bears’ next downside price objective is closing prices below solid support at $2.2000. First resistance is seen at $2.2765 and then at $2.3000. First support is seen at Thursday’s low of $2.2250 and then at $2.2000.

Wyckoff’s Market Rating: 6.0

MARCH NATURAL GAS

March natural gas closed up 10.1 cents at $8.095 Thursday. Prices closed near the session high on short covering. Bears still have the near-term technical advantage, but a bullish weekly high close on Friday would give the bulls some fresh upside near-term technical momentum. The next upside price objective for the bulls is closing prices above solid technical resistance at $8.20. The next downside price objective for the bears is closing prices below solid technical support at $7.70. First resistance is seen at last week’s high of $8.123 and then at $8.20. First support is seen at Thursday’s low of $7.971 and then at $7.90.

Wyckoff’s Market Rating: 4.0