by Jim Wyckoff, Senior Analyst TraderPlanet.com

JULY CRUDE OIL

July crude oil closed up $1.39 at $67.65 a barrel today. Prices closed nearer the session high today and hit a fresh two-week high as bulls have again regained solid upside technical momentum amid bullish energy reports from the DOE and IEA this week. The next upside price objective for the bulls is producing a close above solid chart resistance at the March high of $69.53 a barrel. The next downside price objective for the bears is producing a close below technical support at $64.00 a barrel. First resistance is seen at today’s high of $67.89 and then at $68.00. First support seen at $67.00 and then at $66.50.

Wyckoff’s Market Rating: 7.5.

JULY HEATING OIL

July heating oil closed up 541 points at $2.0161 today. Prices closed near the session high today and hit a fresh nine-month high. Bulls still have the solid overall technical advantage and gained more power today. Bulls’ next upside price objective is closing prices above solid resistance at $2.1000. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $1.8890. First support lies at $1.9800 and then at $1.9600. First resistance is seen at today’s high of $2.0227 and then at $2.0500.

Wyckoff’s Market Rating: 9.0.

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Source: VantagePoint Intermarket Analysis Software

JULY UNLEADED GAS

July (RBOB) unleaded gasoline closed up 697 points at $2.2250 today. Prices today closed nearer the session high today as bulls are regaining upside technical momentum. The next upside price objective for the bulls is closing prices above solid resistance at $2.2500. Bears’ next downside price objective is closing prices below solid support at this week’s low of $2.1016. First resistance is seen at today’s high of $2.2275 and then at $2.2500. First support is seen at $2.2000 and then at $2.1750.

Wyckoff’s Market Rating: 8.0.

JULY NATURAL GAS

July natural gas closed up 20.0 cents at $7.808 today. Prices closed nearer the session high today on a bullish nat gas storage report. The next upside price objective for the bulls is closing prices above solid resistance at $8.00. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $7.56. First resistance is seen at $7.90 and then at $8.00. First support is seen at $7.70 and then at $7.56 and then at $7.50.

Wyckoff’s Market Rating: 5.5.

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