by Jim Wyckoff, Senior Analyst, TraderPlanet.com
NOVEMBER CRUDE OIL
November crude oil closed down $3.50 at $85.45 a barrel yesterday. Prices closed nearer the session low yesterday and hit a fresh 8.5-month low. My bias is still that rallies in crude will still be selling opportunities in the near term. Prices remain in a three-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 $80.00. The next upside price objective for the bulls is producing a close above technical resistance at $90.00 a barrel. First resistance is seen at $87.50 and then at yesterday’s high of $89.82. First support is seen at yesterday’s low of $85.32 and then at $85.00.
Wyckoff’s Market Rating: 3.0.
NOVEMBER HEATING OIL
November heating oil closed down 880 points at $2.4065 yesterday. Prices closed near the session low and closed at a fresh 10-month low close. Bears still have the near-term technical advantage. The bulls’ next upside price objective is closing prices above solid technical resistance at $2.6000. Bears’ next downside price objective is producing a close below solid technical support at $2.3000. First resistance lies at $2.4500 and then at yesterday’s high of 2.4967. First support is seen at 235.00 cents and then at $2.3000.
Wyckoff’s Market Rating: 2.5.
NOVEMBER (RBOB) UNLEADED GASOLINE
November (RBOB) unleaded gasoline closed down 348 points at $1.9950 yesterday. Prices closed nearer the session low yesterday and closed at a fresh 12-month low close. Bears are still in technical control. The next upside price objective for the bulls is closing prices above technical resistance at $2.2000. Bears’ next downside price objective is closing prices below solid support at $1.9000. First resistance is seen at yesterday’s high of $2.0690 and then at $2.1399. First support is seen at this week’s low of $1.9500 and then at $1.9000.
Wyckoff’s Market Rating: 2.0
NOVEMBER NATURAL GAS
November natural gas closed up 6.6 cents at $6.808 yesterday. Prices closed nearer the session high in quiet trading yesterday. Bears remain in technical control of nat gas. The next upside price objective for the bulls is closing prices above solid technical resistance at $7.500. The next downside price objective for the bears is closing prices below psychological support at $6.000. First resistance is seen at $7.00 and then at $7.176. First support is seen at yesterday’s low of $6.622 and then at the contract low of $6.51.
Wyckoff’s Market Rating: 1.0.
