by Jim Wyckoff, Senior Analyst TraderPlanet.com
APRIL CRUDE OIL
April crude oil closed up $0.41 at $110.33 a barrel yesterday. Prices closed nearer the session high yesterday and scored another fresh contract and all-time high of $111.00 a barrel yesterday. A still sharply lower U.S. dollar boosted the crude oil bulls again yesterday. This market has a lot of “froth” in it, at present, and a sizeable downside profit-taking correction soon would not be surprising at all. The next upside price objective for the bulls is to produce a close above resistance at $112.50. The next downside price objective for the bears is producing a close below solid support at $104.00 a barrel. First resistance is seen at yesterday’s contract high of $111.00 and then at $112.50. First support is seen at yesterday’s low of $108.76 and then at $107.50.
Wyckoff’s Market Rating: 10.0
APRIL HEATING OIL
April heating oil closed up 1,004 points at $3.1248 yesterday.Prices closed near the session high and hit another fresh contract and all-time high yesterday. The bulls have solid upside technical power and their next upside price objective is closing prices above resistance at $3.1500. Bears’ next downside price objective is producing a close below solid technical support at $3.0000. First resistance lies at yesterday’s contract high of $3.1275 and then at $3.1500. First support is seen at $3.0500 and then at $3.0000.
Wyckoff’s Market Rating: 10.0
APRIL UNLEADED GASOLINE
April (RBOB) unleaded gasoline closed down 458 points at $2.6828 yesterday. Prices closed near mid-range yesterday. Spreaders appeared to be selling gasoline and buying heating oil yesterday. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $2.7556. Bears’ next downside price objective is closing prices below solid support at $2.6000. First resistance is seen at $2.7000 and then at yesterday’s high of $2.7300. First support is seen at yesterday’s low of $2.6375 and then at $2.6000.
Wyckoff’s Market Rating: 7.5
APRIL NATURAL GAS
April natural gas closed up 21.9 cents at $10.23 yesterday. Prices closed nearer the session high and hit a fresh contract high yesterday. Nat gas bulls still have the solid upside technical advantage and gained more power yesterday. There are still no strong technical clues of a market top being close at hand. The next upside price objective for the bulls is closing prices above resistance at $10.50. The next downside price objective for the bears is closing prices below solid technical support at $9.600. First resistance is seen at yesterday’s contract high of $10.254 and then at $10.30. First support is seen at yesterday’s low of $9.999 and then at $9.85.
Wyckoff’s Market Rating: 10.0
