by Jim Wyckoff, Senior Analyst TraderPlanet.com

AUGUST CRUDE OIL

August crude oil closed down $0.06 at $72.50 a barrel today. Prices closed nearer the session low today but did score a fresh 11-month high early on. Fundamentals in the liquid energies are still overall bullish. Bulls also still have the technical advantage and are looking for more on the upside in the near term. The next upside price objective for the bulls is producing a close above psychological resistance at $75.00 a barrel. The next downside price objective for the bears is producing a close below technical support at $70.00 a barrel. First resistance is seen at $73.00 and then at today’s high of $73.80. First support seen at today’s low of $71.92 and then at this week’s low of $71.60.

Wyckoff’s Market Rating: 8.0.

AUGUST HEATING OIL

August heating oil closed down 51 points at $2.0957 today. Prices closed near the session low on profit-taking pressure. Prices did hit a fresh 11-month high and then backed off and scored a bearish “outside day” down on the daily bar chart today. Bulls still have the solid overall technical advantage. Bulls’ next upside price objective is closing prices above solid resistance at today’s high of $2.1429. Bears’ next downside price objective is producing a close below solid technical support at $2.0500. First support lies at $2.0750 and then at $2.0500. First resistance is seen at $2.1300 and then at $2.1429.

Wyckoff’s Market Rating: 8.0.

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Source: VantagePoint Intermarket Analysis Software

AUGUST UNLEADED GAS

August (RBOB) unleaded gasoline closed down 400 points at $2.2663 today. Prices today closed near the session low on more profit-taking pressure. Bulls still the near-term technical advantage, but have faded just a bit. The next upside price objective for the bulls is closing prices above solid resistance at this week’s contract high of $2.3836. Bears’ next downside price objective is closing prices below solid support at $2.2000. First resistance is seen at $2.3000 and then at today’s high of $2.3430. First support is seen at today’s low of $2.2441 and then at $2.2250.

Wyckoff’s Market Rating: 7.5.

AUGUST NATURAL GAS

August natural gas closed down 10.3 cents at $6.497 today. Prices closed near mid-range today after a bearish weekly U.S. storage report. Prices did hit a fresh contract low and better than two-year low today. Prices are still in a steep downtrend from the May high. The bears have the solid technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at $7.00. The next downside price objective for the bears is closing prices below solid technical support at $6.00. First resistance is seen at today’s high of $6.662 and then at $6.75. First support is seen at $6.36 and then at today’s contract low of $6.301.

Wyckoff’s Market Rating: 1.0.

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