by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST CRUDE OIL
August crude oil closed up $5.70 at $141.75 a barrel yesterday. Prices closed near the session high on a late surge fueled by reports Iran conducted more missile tests. The bulls still have the overall near-term technical advantage and regained upside momentum yesterday. The next upside price objective for the crude oil bulls is to produce a close above technical resistance at the contract high of $145.85. The next downside price objective for the bears is producing a close below solid technical support at $135.00 a barrel. First resistance is seen at yesterday’s high of $142.10 and then at $143.50. First support is seen at $140.00 and then at $138.00.
Wyckoff’s Market Rating: 8.0
AUGUST HEATING OIL
August heating oil closed up 1,906 points at $4.0422 yesterday. Prices closed near the session high yesterday. Bulls still have the overall technical advantage and regained upside momentum yesterday. The bulls’ next upside price objective is closing prices above technical resistance at the contract high of $4.1350. Bears’ next downside price objective is producing a close below solid technical support at $3.8000. First resistance lies at yesterday’s high of $4.0553 and then at $4.1350. First support is seen at $4.0000 and then at $3.9500.
Wyckoff’s Market Rating: 8.5
AUGUST UNLEADED GAS
August (RBOB) unleaded gasoline closed up 1,154 points at $3.4962 yesterday. Prices closed near the session high yesterday. Bulls still have the near-term technical advantage, and regained some upside momentum yesterday. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $3.6021. Bears’ next downside price objective is closing prices below solid support at this week’s low of $3.3350. First resistance is seen at yesterday’s high of $3.5211 and then at $3.5700. First support is seen at $3.4500 and then at $3.4000.
Wyckoff’s Market Rating: 8.0
AUGUST NATURAL GAS
August natural gas closed up 39.0 cents at $12.396 yesterday. Prices closed near the session high yesterday on short covering and bargain-hunting buying after recent steep losses. Higher liquid energies boosted nat gas yesterday, too. However, some chart damage has occurred this week. Bulls do still have the overall near-term technical advantage, but have more work to do. The next upside price objective for the bulls is closing prices above resistance at $13.00. The next downside price objective for the bears is closing prices below solid technical support at yesterday’s low of $11.906. First resistance is seen at $12.50 and then at $12.628. First support is seen at $12.25 and then at $12.00.
Wyckoff’s Market Rating: 7.0
