by Jim Wyckoff, Senior Analyst TraderPlanet.com

AUGUST CRUDE OIL

August crude oil closed down $0.21 at $68.65 a barrel today. Prices closed nearer the session low today and were pressured again by this week’s bearish weekly crude oil inventories data. Bulls still have the technical advantage. The next upside price objective for the bulls is producing a close above solid chart resistance at the March high of $70.00 a barrel. The next downside price objective for the bears is producing a close below technical support at $67.50 a barrel. First resistance is seen at $69.00 and then $69.50. First support seen at today’s low of $68.28 and then at $68.00.

Wyckoff’s Market Rating: 7.5.

AUGUST HEATING OIL

August heating oil closed down 93 points at $2.0330 today. Prices closed nearer the session low today after hitting a fresh 10-month high early on. Bulls still have the solid overall technical advantage. Bulls’ next upside price objective is closing prices above solid resistance at today’s high of $2.0750. Bears’ next downside price objective is producing a close below solid technical support at $2.0000. First support lies at $2.0200 and then at $2.0000. First resistance is seen at $2.0500 and then at $2.0750.

Wyckoff’s Market Rating: 8.0.

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Source: VantagePoint Intermarket Analysis Software

AUGUST UNLEADED GAS

August (RBOB) unleaded gasoline closed up 186 points at $2.2162 today. Prices today closed near mid-range. The next upside price objective for the bulls is closing prices above solid resistance at this week’s high of $2.2455. Bears’ next downside price objective is closing prices below solid support at the June low of $2.0811. First resistance is seen at $2.2455 and then at the May high of $2.2777. First support is seen at today’s low of $2.1771 and then at this week’s low of $2.1500.

Wyckoff’s Market Rating: 8.0.

AUGUST NATURAL GAS

August natural gas closed down 3.7 cents at $7.482 today. Prices closed nearer the session low again today and hit another fresh three-month low. Prices have seen a bearish downside breakout from a sideways trading range at higher price levels. The next upside price objective for the bulls is closing prices above solid resistance at $7.80. The next downside price objective for the bears is closing prices below solid technical support at the March low of $7.35. First resistance is seen at today’s high of $7.624 and then at $7.711. First support is seen at today’s low of $7.45 and then at $7.35.

Wyckoff’s Market Rating: 4.0.

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