by Jim Wyckoff, Senior Analyst TraderPlanet.com
FEBRUARY CRUDE OIL
February crude oil closed down $0.44 at $99.18 a barrel today. Prices closed near mid-range today. The market set another new contract and all-time high of $100.09 today. A mostly bullish weekly DOE report today limited the downside in crude. Fresh speculative and fund buying has been featured this week. While bulls still have the solid overall near-term technical advantage, my bias is that the liquid energies do not have much upside left. Prices are in a three-week-old uptrend on the daily bar chart. The next downside price objective for the bears is producing multiple closes below solid technical support at $94.00 a barrel. The next upside price objective for the bulls is to produce a close above solid chart resistance at $100.00. First resistance is seen at $100.09 and then at $101.00. First support is seen at $98.00 and then at $97.00.
Wyckoff’s Market Rating: 8.5.
FEBRUARY HEATING OIL
February heating oil closed down 213 points at $2.7191 today. Prices closed nearer the session low on mild profit taking after hitting a fresh contract high again today. Bulls still have the overall near-term technical advantage. A three-week-old uptrend is still in place on the daily bar chart. The bulls’ next upside price objective is closing prices above solid resistance at $2.8000. Bears’ next downside price objective is producing a close below solid technical support at $2.6000. First resistance lies at today’s contract high of $2.7475 and then at $2.7750. First support is seen at $2.7000 and then at $2.6750.
Wyckoff’s Market Rating: 8.5.
FEBRUARY RBOB UNLEADED GASOLINE
February (RBOB) unleaded gasoline closed down 275 points at $2.5414 today. Prices closed nearer the session low after hitting a fresh contract high today. Bulls remain technically in command. The next upside price objective for the bulls is closing prices above resistance at $2.6000. Bears’ next downside price objective is closing prices below solid support at $2.4500. First resistance is seen at today’s contract high of $2.5785 and then at $2.6000. First support is seen at $2.5250 and then at $2.5000.
Wyckoff’s Market Rating: 8.5.
FEBRUARY NATURAL GAS
February natural gas closed down 17.6 cents at $7.674 today. Prices closed nearer the session low after hitting a fresh five-week high early on today. Technical odds have significantly increased that a near-term market low is in place. The bears still have the slight near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $8.000. The next downside price objective for the bears is closing prices below solid technical support at $7.40. First resistance is seen at $7.80 and then at $8.00. First support is seen at $7.54 and then at $7.40.
Wyckoff’s Market Rating: 3.5.
