by Jim Wyckoff, Senior Analyst TraderPlanet.com
AUGUST CRUDE OIL
August crude oil closed up $5.69 at $140.24 a barrel yesterday. Prices closed near the session high and closed at fresh contract and record high close. A weaker U.S. dollar yesterday propelled the crude oil bulls. Prices have been trading sideways at higher levels for three weeks. This sideways trading range does favor the bullish camp. And, prices are now on the verge of producing a bullish upside “breakout” from this trading range. The next upside price objective for the crude oil bulls is to produce a close psychological resistance at $150.00. The next downside price objective for the bears is producing a close below solid technical support at $135.00 a barrel. First resistance is seen at the contract high of $140.42 and then at $142.50. First support is seen at $137.50 and then at $136.00.
Wyckoff’s Market Rating: 9.0
AUGUST HEATING OIL
August heating oil closed up 1,490 points at $3.9236 yesterday. Prices closed nearer the session high yesterday. Bulls still have the overall technical advantage and gained fresh power yesterday. The bulls’ next upside price objective is closing prices above technical resistance at the contract high of $4.0486. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $3.7104. First resistance lies at yesterday’s high of $3.9615 and then at $4.0000. First support is seen at $3.8500 and then at $3.8000.
Wyckoff’s Market Rating: 8.5
AUGUST UNLEADED GAS
August (RBOB) unleaded gasoline closed up 1,261 points at $3.5330 yesterday. Prices closed nearer the session high yesterday. Bulls still have the near-term technical advantage and gained more power yesterday. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $3.5679. Bears’ next downside price objective is closing prices below solid support at last week’s low of $3.3400. First resistance is seen at $3.5679 and then at $3.6000. First support is seen at $3.5000 and then at $3.4500.
Wyckoff’s Market Rating: 8.5
AUGUST NATURAL GAS
August natural gas closed up 41.1 cents at $13.277 yesterday. Prices closed near the session high yesterday and scored a bullish “outside day” up on the daily bar chart. Bulls still have the near-term technical advantage and gained more power yesterday, amid no early technical clues that a market top is close at hand. The next upside price objective for the bulls is closing prices above resistance at the contract high of $13.455. The next downside price objective for the bears is closing prices below solid technical support at yesterday’s low of $12.628. First resistance is seen at $13.455 and then at $13.50. First support is seen at $13.00 and then at $12.75.
Wyckoff’s Market Rating: 8.5
