by Jim Wyckoff, Senior Analyst TraderPlanet.com

DECEMBER CRUDE OIL

December crude oil closed up $3.21 at $90.29 a barrel yesterday. Prices closed near the session high yesterday and hit a fresh contract and all-time high amid a bullish weekly DOE report on Wednesday, news yesterday that OPEC is not pumping as much oil as thought, and on continuing tensions between Turkey and Iraqi Kurds. Bulls still have the solid technical advantage. However, the market is way short-term overbought, technically. The next upside price objective for the bulls is producing a close above solid technical resistance at $95.00 a barrel. The next downside price objective for the bears is producing a close below solid technical support at this week’s low of $84.68 a barrel. First resistance is seen at yesterday’s contract high of $90.60 and then at $91.00. First support is seen at $89.00 and then at $88.00.

Wyckoff’s Market Rating: 10.0.

DECEMBER HEATING OIL

December heating oil closed up 607 points at $2.4240 yesterday. Prices closed near the session high and hit a fresh contract and all-time high. Bulls still have the technical advantage and their next upside price objective is closing prices above solid resistance at $2.5000. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $2.3058. First support lies at $2.4000 and then at yesterday’s low of $2.3665. First resistance is seen at yesterday’s contract high of $2.4292 and then at $2.4500.

Wyckoff’s Market Rating: 10.0.

DECEMBER UNLEADED GAS

December (RBOB) unleaded gasoline closed up 828 points at $2.2395 yesterday. Prices yesterday closed near the session high and hit a fresh contract high. Bulls still have the overall near-term technical advantage and gained more power yesterday. The next upside price objective for the bulls is closing prices above resistance at $2.3000. Bears’ next downside price objective is closing prices below support at this week’s low of $2.1068. First resistance is seen at yesterday’s contract high of $2.2472 and then at $2.2750. First support is seen at $2.2000 and then at yesterday’s low of $2.1602.

Wyckoff’s Market Rating: 9.0.

DECEMBER NATURAL GAS

December natural gas closed up 15.3 cents at $7.81 yesterday. Prices closed near the session high and were supported on short covering and bargain-hunting buying amid record high liquid energy futures prices. Some colder weather forecast for the U.S. in coming days also supported buying interest in natural gas. 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 support at this week’s low of $7.365. First resistance is seen at yesterday’s high of $7.824 and then at $7.90. First support is seen at $7.70 and then at yesterday’s low of $7.56.

Wyckoff’s Market Rating: 3.5.

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Source: VantagePoint Intermarket Analysis Software