by Jim Wyckoff, Senior Analyst TraderPlanet.com

NOVEMBER CRUDE OIL

November crude oil closed up $2.07 at $89.47 a barrel today. Prices closed near the session high today and hit another fresh contract and all-time record high of $89.78 a barrel. Tensions between Turkey and Iraqi Kurds and a very tight fourth-quarter world supply and demand balance sheet are bullish fundamentals. A weaker U.S. dollar is fueling fresh speculative buying interest in crude, especially from non-U.S. traders. While bulls still have solid upside technical momentum, the market is way short-term overbought, and a blow-off top may be forming. The next upside price objective for the bulls is producing a close above psychological resistance at $90.00 a barrel. The next downside price objective for the bears is producing a close below solid technical support at the September high of $83.76 a barrel. First resistance is seen $90.00 and then at $91.00. First support is seen at $89.00 and then at $88.00.

Wyckoff’s Market Rating: 10.0.

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Source: VantagePoint Intermarket Analysis Software

NOVEMBER HEATING OIL

Novemberheating oilclosed up 304 points at $2.3493 today. Prices closed near the session high today and hit another fresh contract high. Bulls still have solid upside technical momentum and their next upside price objective is closing prices above psychological resistance at $2.4000. “2 oil” is also still short-term overbought and due for a bigger downside correction very soon. Bears’ next downside price objective is producing a close below solid technical support at $2.2800. First support lies at today’ low of $2.3088 and then at $2.2800. First resistance is seen at today’s contract high of $2.3608 and then at $2.3750.

Wyckoff’s Market Rating: 9.0.

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Source: VantagePoint Intermarket Analysis Software

NOVEMBER UNLEADED GAS

November (RBOB) unleaded gasoline closed up 385 points at $2.1851 today. Prices today closed near the session high today and scored a bullish “outside day” up on the daily bar chart. Prices also closed at a fresh contract high close. Bulls still have the overall near-term technical advantage, but the market is also short-term overbought and due for a bigger downside correction very soon. The next upside price objective for the bulls is closing prices above resistance at the contract high of $2.2019. Bears’ next downside price objective is closing prices below support at $2.1000. First resistance is seen at today’s high of $2.1903 and then at $2.2019. First support is seen at today’s low of $2.1375 and then at $2.1200.

Wyckoff’s Market Rating: 8.5.

NOVEMBER NATURAL GAS

November natural gas closed down 8.4 cents at $7.374 today. Prices closed nearer the session low today after hitting a fresh two-month high early on. Price action today did scored a bearish “outside day” down on the daily bar chart.The next upside price objective for the bulls is closing prices above solid resistance at today’s high of $7.616. The next downside price objective for the bears is closing prices below solid support at $7.00. First resistance is seen at today’s high of $7.616 and then at $7.85. First support is seen at today’s low of $7.25 and then at this week’s low of $7.087.

Wyckoff’s Market Rating: 5.0.