by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER CRUDE OIL
December crude oil closed down $0.66 at $93.43 a barrel today. Prices closed near mid-range today and were pressured on profit taking and a bearish weekly DOE report. No serious chart damage has occurred this week. Bulls still have the technical advantage. I still do not look for a lot more on the upside in crude oil. The next upside price objective for the bulls is producing a close above resistance at $95.00 a barrel. The next downside price objective for the bears is producing a close below solid technical support at this week’s low of $90.13 a barrel. First resistance is seen at today’s high of $94.64 and then at $95.00. First support is seen at today’s low of $91.86 and then at $91.00.
Wyckoff’s Market Rating: 7.5.
DECEMBER HEATING OIL
December heating oil closed down 147 points at $2.5587 today. Prices closed near mid-range today. No serious chart damage has occurred this week and bulls still have the solid technical advantage. Their next upside price objective is closing prices above solid resistance at the contract high of $2.6600. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $2.4902. First support lies at today’s low of $2.5335 and then at $2.5000. First resistance is seen at today’s high of $2.5947 and then at $2.6100.
Wyckoff’s Market Rating: 8.0.
DECEMBER UNLEADED GASOLINE
December (RBOB) unleaded gasoline closed down 342 points at $2.3362 today. Prices closed near mid-range today. No serious chart damage has occurred this week. Bulls still have the overall near-term technical advantage. The next upside price objective for the bulls is closing prices above resistance at the contract high of $2.4891. Bears’ next downside price objective is closing prices below support at this week’s low of $2.3040. First resistance is seen at today’s high of $2.3760 and then at $2.4000. First support is seen at this week’s low $2.3040 and then at $2.2750.
Wyckoff’s Market Rating: 7.0.
DECEMBER NATURAL GAS
December natural gas closed down 13.5 cents at $7.70 today. Prices closed nearer the session low again today. The bears still have downside technical momentum. Serious near-term chart damage has been inflicted recently. The next upside price objective for the bulls is closing prices above psychological resistance at $8.00. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $7.504. First resistance is seen at today’s high of $7.885 and then at $8.00. First support is seen at today’s low of $7.65 and then at $7.60.
Wyckoff’s Market Rating: 2.5.
