by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER CRUDE OIL
December crude oil closed up $4.15 at $94.53 a barrel today. Prices closed near the session high today, scored a big and bullish “outside day” up on the daily bar chart, closed at a bullish monthly high close and set another record high today. A very surprising and very bullish weekly DOE report that showed a big draw in crude oil stocks supported the market today. Bulls still have the solid technical advantage and gained more power today. The next upside price objective for the bulls is producing a close above major psychological resistance at $100.00 a barrel. The next downside price objective for the bears is producing a close below solid technical support at $88.00 a barrel. First resistance is seen at today’s contract high of $94.74 and then at $95.00. First support is seen at $94.00 and then at $93.00.
Wyckoff’s Market Rating: 10.0.
DECEMBER HEATING OIL
December heating oil closed up 875 points at $2.5293 today. Prices closed near the session high today, scored a big and bullish “outside day” up on the daily bar chart, closed at a bullish monthly high close and set another record high today. Bulls still have the technical advantage and their next upside price objective is closing prices above solid resistance at $2.6000. Bears’ next downside price objective is producing a close below solid technical support at $2.3700. First support lies at $2.5000 and then at $2.4500. First resistance is seen at today’s contract high of $2.5360 and then at $2.55.
Wyckoff’s Market Rating: 10.0.
DECEMBER UNLEADED GAS
December (RBOB) unleaded gasoline closed up 869 points at $2.3370 today. Prices closed near the session high today, scored a big and bullish “outside day” up on the daily bar chart, closed at a bullish monthly high close and set a fresh contract high today. Bulls still have the solid overall near-term technical advantage. The next upside price objective for the bulls is closing prices above resistance at $2.4000. Bears’ next downside price objective is closing prices below support at $2.2000. First resistance is seen at the contract high of $2.3450 and then at $2.3750. First support is seen at $2.3000 and then at $2.2750.
Wyckoff’s Market Rating: 9.0.
DECEMBER NATURAL GAS
December natural gas closed up 30.9 cents at $8.33 today. Prices closed nearer the session high, hit a fresh 2.5- month high and closed at a bullish monthly high close today. Colder weather forecasts for the U.S. in coming days and record high crude oil futures prices supported buying interest in natural gas. The next upside price objective for the bulls is closing prices above solid resistance at the August high of $8.800. The next downside price objective for the bears is closing prices below psychological support at $8.00. First resistance is seen at today’s high of $8.475 and then at $8.600. First support is seen at $8.256 and then at $8.13.
Wyckoff’s Market Rating: 6.0.
