by Jim Wyckoff, Senior Analyst TraderPlanet.com

SEPTEMBER CRUDE OIL

September crude oil closed up $1.03 at $125.47 a barrel yesterday. Prices closed nearer the session high yesterday and did hit another fresh six-week low. Short covering was featured yesterday. Serious near-term chart damage has been inflicted recently. The next upside price objective for the crude oil bulls is to produce a close above solid technical resistance at $130.00. The next downside price objective for the bears is producing a close below solid technical support at $120.00 a barrel. First resistance is seen at $127.00 and then at $128.00. First support is seen at yesterday’s low of $123.50 and then at $122.50.

Wyckoff’s Market Rating: 5.0

SEPTEMBER HEATING OIL

September heating oil closed up 166 points at $3.5946 yesterday. Prices closed near mid-range yesterday. The bulls’ next upside price objective is closing prices above technical resistance at $3.8000. Bears’ next downside price objective is producing a close below solid technical support at $3.5000. First resistance lies at yesterday’s high of $3.6283 and then at $3.6500. First support is seen at this week’s low of $3.5615 and then at $3.5250.

Wyckoff’s Market Rating: 5.0

SEPTEMBER UNLEADED GAS

September (RBOB) unleaded gasoline closed up 191 points at $3.0720 yesterday. Prices closed nearer the session high yesterday and did hit another fresh 10-week low. Bulls have faded badly recently. The next upside price objective for the bulls is closing prices above solid resistance at this week’s high of $3.2650. Bears’ next downside price objective is closing prices below solid support at $3.0000. First resistance is seen at $3.1000 and then at $3.1500. First support is seen at yesterday’s low of $3.0280 and then at $3.0000.

Wyckoff’s Market Rating: 5.0

SEPTEMBER NATURAL GAS

September natural gas closed down 51.4 cents at $9.337 yesterday. Prices closed near mid-range yesterday and did hit a fresh 5.5-month low yesterday. Serious chart damage has occurred recently, including more yesterday. Prices are in a steep three-week-old downtrend on the daily bar chart. The market is now well oversold, technically, and due for a corrective bounce very soon. The next upside price objective for the bulls is closing prices above resistance at $10.00. The next downside price objective for the bears is closing prices below solid technical support at $8.50. First resistance is seen at $9.50 and then at yesterday’s high of $9.94. First support is seen at $9.00 and then at yesterday’s low of $8.932.

Wyckoff’s Market Rating: 2.5