by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER CRUDE OIL
November crude oil closed up $1.78 at $83.08 a barrel yesterday. Prices closed nearer the session high again yesterday and closed at a fresh contract high close. A bullish weekly DOE report fueled the bulls yesterday. Bulls have solid upside technical momentum amid the sliding U.S. dollar that is prompting heavy speculative buying interest in crude. The specter of a bearish broadening pattern forming on the daily bar chart was rendered virtually irrelevant yesterday. The next upside price objective for the bulls is producing a close above strong resistance at the contract high of $83.76 a barrel. The next downside price objective for the bears is producing a close below solid technical support at $80.00 a barrel. First resistance is seen at the contract high of $83.76 and then at $84.00. First support is seen at $82.40 and then at $82.00.
Wyckoff’s Market Rating: 9.0.
Wyckoff’s Market Rating: 9.0.
NOVEMBER HEATING OIL
November heating oil closed up 301 points at $2.2473 yesterday. Prices closed near the session high again yesterday. Bulls have regained solid upside technical momentum and their next upside price objective is closing prices above solid resistance at the contract high of $2.2825. Bears’ next downside price objective is producing a close below solid technical support at $2.2000. First support lies at $2.2200 and then at $2.2000. First resistance is seen at yesterday’s high of $2.2711 and then at $2.2825.
Wyckoff’s Market Rating: 8.5.
Wyckoff’s Market Rating: 8.5.
Source: VantagePoint Intermarket Analysis Software
NOVEMBER UNLEADED GAS
November (RBOB) unleaded gasoline closed up 330 points at $2.0666 yesterday. Prices yesterday closed nearer the session high. Bulls have the overall near-term technical advantage and gained more momentum yesterday. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $2.1224. Bears’ next downside price objective is closing prices below support at $2.0000. First resistance is seen at yesterday’s high of $2.0762 and then at $2.1000. First support is seen at yesterday’s low of $2.0319 and then at $2.0200.
Wyckoff’s Market Rating: 8.0.
NOVEMBER NATURAL GAS
November natural gas closed down 13.4 cents at $6.876 yesterday. Prices closed nearer the session low. Bears still have the solid near-term technical advantage. The bearish fundamental specter of big supplies of natural gas in U.S. storage hangs over the market. The next downside price objective for the bears is closing prices below support at this week’s low of $6.77. First resistance is seen at yesterday’s high of $7.117 and then at $7.20. First support is seen at this week’s low of $7.77 and then at $6.70.
Wyckoff’s Market Rating: 3.0
