by Jim Wyckoff, Senior Analyst TraderPlanet.com

MAY CRUDE OIL

May crude oil closed up $1.65 at $107.55 a barrel yesterday. Prices closed nearer the session high yesterday amid underlying geopolitical fundamentals that support the market. However, crude oil bulls are relying upon the renewed slump in the value of the U.S. dollar to continue. If the dollar rebounds then crude oil bulls are likely in trouble. The next upside price objective for the bulls is to produce a close above resistance at the contract high of $110.35. The next downside price objective for the bears is producing a close below major solid technical support at $102.00 a barrel. First resistance is seen at yesterday’s high of $108.22 and then at $109.00. First support is seen at $106.00 and then at $105.00.


Wyckoff’s Market Rating
: 8.5

MAY HEATING OIL

May heating oil closed up 912 points at $3.0370 yesterday. Prices closed nearer the session high. The bulls’ next upside price objective is closing prices above solid technical resistance at the contract high of $3.1093. Bears’ next downside price objective is producing a close below solid technical support at $2.9000. First resistance lies at yesterday’s high of $3.0556 and then at $3.1093. First support is seen at $3.0000 and then at $2.9500.

Wyckoff’s Market Rating: 8.5

MAY UNLEADED GASOLINE

May (RBOB) unleaded gasoline closed down 159 points at $2.7190 yesterday. Prices closed near mid-range yesterday. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $2.7672. Bears’ next downside price objective is closing prices below solid support at $2.6500. First resistance is seen at $2.7500 and then at $2.7672. First support is seen at $2.6750 and then at $2.6500.

Wyckoff’s Market Rating: 8.0

MAY NATURAL GAS

May natural gas closed down 0.5 cents at $9.680 yesterday. Prices closed nearer the session high yesterday. Bulls have repaired some chart damage this week and a bullish weekly high close on Friday would provide the bulls with better upside technical momentum. The next upside price objective for the bulls is closing prices above psychological resistance at $10.00. The next downside price objective for the bears is closing prices below solid support at this week’s low of $9.089. First resistance is seen at yesterday’s high of $9.77 and then at $9.85. First support is seen at $9.60 and then at yesterday’s low of $9.459.

Wyckoff’s Market Rating: 7.0