by Jim Wyckoff, Senior Analyst, TraderPlanet.com

DECEMBER CRUDE OIL


December crude oil closed down $4.31 at $60.99 a barrel yesterday. Prices closed near the session low yesterday and hit a fresh 19-month low. A sharply lower U.S. stock market and a stronger U.S. dollar pressured the crude yesterday. Crude oil bears still have the near-term technical advantage and gained more power yesterday. Prices remain in a 3.5-month-old downtrend on the daily bar chart. The next downside price objective for the crude oil bears is to produce a close below technical support at $60.00. The next upside price objective for the bulls is producing a close above technical resistance at this week’s high of $71.77 a barrel. First resistance is seen at $62.50 and then at $64.00. First support is seen at $60.00 and then at $59.00.

Wyckoff’s Market Rating: 2.0

DECEMBER HEATING OIL

December heating oil closed down 1,030 points at $1.9517 yesterday. Prices closed near the session low. Bears still have the solid near-term technical advantage. A 3.5-month-old downtrend is in place on the daily bar chart. The bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $2.2113. Bears’ next downside price objective is producing a close below solid technical support at the contract low of $1.9089. First resistance lies at $2.0000 and then at yesterday’s high of 2.0594. First support is seen at yesterday’s low of $1.9355 and then at $1.9089.

Wyckoff’s Market Rating: 1.0

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Source: VantagePoint Intermarket Analysis Software

DECEMBER (RBOB) UNLEADED GASOLINE

December (RBOB) unleaded gasoline closed down 758 points at $1.3486 yesterday. Prices closed near the session low and closed at a fresh contract low close yesterday. The bears are still in solid technical control. Prices are still in a 3.5-month-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above technical resistance at this week’s high of $1.5800. Bears’ next downside price objective is closing prices below solid support at $1.3000. First resistance is seen at $1.4000 and then at yesterday’s high of $1.4400. First support is seen at the contract low of $1.3215 and then at $1.3000.

Wyckoff’s Market Rating: 1.0

DECEMBER NATURAL GAS

December natural gas closed down 29.5 cents at $6.954 yesterday. Prices closed near the session low. The bears still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $8.00. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $6.512. First resistance is seen at this week’s high of $7.36 and then at $7.50. First support is seen at yesterday’s low of $6.587 and then at $6.50.

Wyckoff’s Market Rating: 2.0