by Jim Wyckoff, Senior Analyst TraderPlanet.com
SEPTEMBER CRUDE OIL
Wyckoff’s Market Rating: 8.0.
SEPTEMBER HEATING OIL
September heating oil closed down 321 points at $2.0526 today. Prices closed near the session low today and bulls are quickly fading. Now, a fledgling downtrending channel is in place on the daily bar chart. Bulls’ next upside price objective is closing prices above solid resistance at $2.1200. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $2.0290. First support lies at $2.0290 and then at $2.0000. First resistance is seen at $2.0800 and then at $2.1000.
Wyckoff’s Market Rating: 7.0.
Source: VantagePoint Intermarket Analysis Software
SEPTEMBER UNLEADED GAS
September (RBOB) unleaded gasoline closed down 192 points at $2.0533 today. Prices today closed near the session low today. Bulls are again fading and still do need to show some more power soon. The next upside price objective for the bulls is closing prices above solid resistance at $2.1200. Bears’ next downside price objective is closing prices below solid support at this week’s low of $2.0049. First resistance is seen at $2.0800 and then at $2.1000. First support is seen at today’s low of $2.0420 and then at $2.0049.
Wyckoff’s Market Rating: 6.5.
SEPTEMBER NATURAL GAS
September natural gas closed up 1.2 cents at $6.074 today. Prices closed near mid-range in quiet trading. The bears still have the solid overall near-term technical advantage and there are no signs of a near-term market bottom being in place. The next upside price objective for the bulls is closing prices above solid resistance at $6.50. The next downside price objective for the bears is closing prices below solid technical support at $5.75. First resistance is seen at today’s high of $6.207 and then at $6.40. First support is seen at today’s low of $6.00 and then at this week’s low of $5.855.
Wyckoff’s Market Rating: 1.5.
