by Jim Wyckoff, Senior Analyst TraderPlanet.com
MAY CRUDE OIL
May crude oil closed down $0.81 at $101.69 a barrel on Thursday. Prices closed nearer the session high and did hit a fresh three-week low and close at a bearish weekly low close. No serious chart damage occurred this week but the bulls have faded badly. The recent big increase in volatility is one warning signal of a topping process. The next upside price objective for the bulls is to produce a close above resistance at $104.00. The next downside price objective for the bears is producing a close below major psychological support at $100.00 a barrel. First resistance is seen at on Thursday’s high of $102.69 and then at $103.00. First support is seen at of $101.00 and then at $100.00.
Wyckoff’s Market Rating: 6.5
MAY HEATING OIL
May heating oil closed down 481 points at $2.8984 on Thursday. Prices closed nearer the session low and closed at a bearish weekly low close. The bulls are fading and their next upside price objective is closing prices above psychological resistance at $3.000. Bears’ next downside price objective is producing a close below solid technical support at $2.8500. First resistance lies at $2.9100 and then at $2.9500. First support is seen at on Thursday’s low of $2.8688 and then at $2.8500.
Wyckoff’s Market Rating: 7.0
MAY NY COPPER
May (RBOB) unleaded gasoline closed up 327 points at $2.6082 on Thursday. Prices closed nearer the session high on Thursday. The extreme volatility recently in unleaded is a bearish clue. The next upside price objective for the bulls is closing prices above solid resistance at $2.6750. Bears’ next downside price objective is closing prices below solid support at this week’s low of $2.4935. First resistance is seen at on Thursday’s high of $2.6329 and then at $2.6500. First support is seen at $2.5750 and then at $2.5500.
Wyckoff’s Market Rating: 6.5
MAY NATURAL GAS
May natural gas closed down 3.1 cents at $9.081 on Thursday. Prices closed near mid-range and did hit a fresh five-week low on Thursday. Prices also closed at a bearish weekly low close. Serious near-term chart damage has been inflicted this week to suggest that a market top is in place. The next upside price objective for the bulls is closing prices above resistance at $9.40. The next downside price objective for the bears is closing prices below solid support at on Thursday’s low of $8.75. First resistance is seen at $9.20 and then at $9.30. First support is seen at $9.00 and then at $8.90.
Wyckoff’s Market Rating: 5.0
