by Jim Wyckoff, Senior Analyst TraderPlanet.com
JUNE CRUDE OIL
June crude oil closed down $0.10 at $124.12 a barrel yesterday. Prices closed near mid-range in volatile trading. The bulls still have the strong overall near-term technical, but the market is due for a decent corrective pullback soon. The next upside price objective for the crude oil bulls is to produce a close solid technical resistance at the contract high of $126.98. The next downside price objective for the bears is producing a close below solid technical support at yesterday’s low of $120.75 a barrel. First resistance is seen at $125.00 and then at $126.00. First support is seen at $123.00 and then at $122.00.
Wyckoff’s Market Rating: 8.0
JUNE HEATING OIL
June heating oil closed up 46 points at $3.6224 yesterday. Prices closed near mid-range yesterday. Bulls still have the overall technical advantage. The bulls’ next upside price objective is closing prices above technical resistance at $3.7500. Bears’ next downside price objective is producing a close below solid technical support at $3.5000. First resistance lies at the contract high of $3.7146 and then at $3.7500. First support is seen at yesterday’s low of $3.5515 and then at $3.5000.
Wyckoff’s Market Rating: 8.0
JULY UNLEADED GAS
June (RBOB) unleaded gasoline closed down 146 points at $3.1658 yesterday. Prices closed near mid-range yesterday but did score a bearish “outside day” down on the daily bar chart. If there is strong follow-through selling pressure on Friday, including a bearish weekly low close, then a bearish key reversal down would also be confirmed on the daily bar chart. That would be one early clue that a near- term market top is in place. But right now the bulls still have the overall technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at yesterday’s contract high of $3.2370. Bears’ next downside price objective is closing prices below solid support at $3.0735. First resistance is seen at $3.2000 and then at $3.2370. First support is seen at $3.1250 and then at yesterday’s low of $3.0926.
Wyckoff’s Market Rating: 7.5
JUNE NATURAL GAS
June natural gas closed down 19.9 cents at $11.399 yesterday. Prices closed near mid-range yesterday on profit-taking pressure. No chart damage occurred. Bulls still have the overall near-term technical advantage. The next upside price objective for the bulls is closing prices above major psychological resistance at $12.00. The next downside price objective for the bears is closing prices below solid technical support at the May low of $10.48. First resistance is seen at $11.50 and then at the contract high of $11.794. First support is seen at yesterday’s low of $11.141 and then at $11.00.
Wyckoff’s Market Rating: 8.0
