by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER CRUDE OIL
December crude oil closed down $0.91 at $95.46 a barrel today. Prices closed nearer the session low on mild profit-taking pressure. No chart damage occurred. Bulls still have the solid technical advantage. I still do not look for a lot more on the upside in crude oil, even though it seems imminent that the $100.00 mark will be reached. 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 $92.00 a barrel. First resistance is seen at $97.00 and then at today’s high of $97.70. First support is seen at $95.00 and then at $94.00.
Wyckoff’s Market Rating: 8.5.
DECEMBER HEATING OIL
December heating oil closed down 117 points at $2.6058 today. Prices closed nearer the session low today but did set another contract and all-time high early on. Bulls still have the technical advantage and their next upside price objective is closing prices above solid resistance at today’s contract high of $2.6600. Bears’ next downside price objective is producing a close below solid technical support at $2.5000. First support lies at $2.5752 and then at $2.5500. First resistance is seen at today’s contract high of $2.6600 and then at $2.6750.
Wyckoff’s Market Rating: 8.5.
DECEMBER UNLEADED GASOLINE
December (RBOB) unleaded gasoline closed down 30 points at $2.4376 today. Prices closed nearer the session low today but did hit another fresh contract high early on. Bulls still have the solid overall near-term technical advantage. The next upside price objective for the bulls is closing prices above resistance at $2.5000. Bears’ next downside price objective is closing prices below support at $2.3500. First resistance is seen at today’s contract high of $2.4881 and then at $2.5000. First support is seen at today’s low of $2.4154 and then at this week’s low of $2.3790.
Wyckoff’s Market Rating: 8.5.
DECEMBER NATURAL GAS
December natural gas closed up 8.9 cents at $7.713 today. Prices closed nearer the session high today on short covering in a bear market. The bears still have some downside technical momentum as a bearish V-Top reversal pattern has played out on the daily bar chart. Serious near-term chart damage has been inflicted recently. The next upside price objective for the bulls is closing prices above solid resistance at $8.00. The next downside price objective for the bears is closing prices below solid technical support at the October low of $7.365. First resistance is seen at $7.80 and then at $8.00. First support is seen at today’s low of $7.504 and then at $7.365.
Wyckoff’s Market Rating: 3.5.
