by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST CRUDE OIL
Wyckoff’s Market Rating: 7.5.
AUGUST HEATING OIL
Wyckoff’s Market Rating: 8.0.
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.
