by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY CRUDE OIL
July crude oil closed up $0.47 at $136.85 a barrel yesterday. Prices closed nearer the session high again yesterday amid highly volatile trading. Recent price action has shown a marked increase in intra-day price volatility. That is a warning signal of a very mature market that could be close to a top. The next upside price objective for the crude oil bulls is to produce a close solid technical resistance at the contract high of $139.12. The next downside price objective for the bears is producing a close below solid technical support at $130.00 a barrel. First resistance is seen at yesterday’s high of $137.46 and then at $139.12. First support is seen at $135.00 and then at $134.00.
Wyckoff’s Market Rating: 8.5
JULY HEATING OIL
July heating oil closed down 323 points at $3.9425 yesterday. Prices closed near mid-range. Bulls still have the overall technical advantage. The bulls’ next upside price objective is closing prices above technical resistance at the contract high of $4.0338. Bears’ next downside price objective is producing a close below solid technical support at $3.8000. First resistance lies at $4.0338 and then at of $4.1000. First support is seen at $3.9000 and then at yesterday’s low of $3.8410.
Wyckoff’s Market Rating: 8.0
JULY UNLEADED GAS
July (RBOB) unleaded gasoline closed up 562 points at $3.5220 yesterday. Prices closed nearer the session high yesterday. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $3.5650. Bears’ next downside price objective is closing prices below solid support at yesterday’s low of $3.3692. First resistance is seen at yesterday’s high of $3.5350 and then at the contract high of $3.5650. First support is seen at $3.4585 and then at $3.4000.
Wyckoff’s Market Rating: 8.5
JULY NATURAL GAS
July natural gas closed up 14.5 cents at $12.805 yesterday. Prices closed nearer the session high yesterday and set another fresh contract high. Nat gas bulls still have the overall near-term technical advantage amid no technical clues of a market top being close at hand. 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 this week’s low of $12.367. First resistance is seen at yesterday’s contract high of $12.888 and then at $13.00. First support is seen at yesterday’s low of $12.543 and then at $12.367.
Wyckoff’s Market Rating: 8.5
