by Jim Wyckoff, Senior Analyst, TraderPlanet.com

NOVEMBER CRUDE OIL

November crude oil closed down $4.54 at $93.99 a barrel yesterday. Prices closed near the session low yesterday were pressured by a stronger U.S. dollar and the impending world economic slowdown and lessening demand for crude. My bias is that rallies in crude will still be selling opportunities in the near term. The next downside price objective for the crude oil bears is to produce a close below solid technical support at the September low of $90.42. The next upside price objective for the bulls is producing a close above technical resistance at $100.00 a barrel. First resistance is seen at $95.00 and then at $96.00. First support is seen at this week’s low of $93.36 and then at $92.50.

Wyckoff’s Market Rating: 3.5

NOVEMBER HEATING OIL

November heating oil closed down 1,333 points at $2.7136 yesterday. Prices closed near the session low. Bears still have the near-term technical advantage and gained more power yesterday. The bulls’ next upside price objective is closing prices above solid technical resistance at $3.0000. Bears’ next downside price objective is producing a close below solid technical support at the September low of $2.6883. First resistance lies at $2.7500 and then at 2.8000. First support is seen at yesterday’s low of $2.7007 and then at $2.6883.

Wyckoff’s Market Rating: 3.0

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Source: VantagePoint Intermarket Analysis Software

NOVEMBER ULEADED GASOLINE

November (RBOB) unleaded gasoline closed down 1,050 points at $2.2550 yesterday. Prices closed nearer the session low yesterday and hit a fresh eight-month low. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.5000. Bears’ next downside price objective is closing prices below solid support at $2.0000. First resistance is seen at $2.3000 and then at $2.3500. First support is seen at yesterday’s low of $2.2435 and then at $2.2000.

Wyckoff’s Market Rating: 3.0


NOVEMBER NATURAL GAS

November natural gas closed down 26.0 cents at $7.468 yesterday. Prices closed near the session low. Bears remain in technical control of nat gas. The next upside price objective for the bulls is closing prices above psychological resistance at $8.000. The next downside price objective for the bears is closing prices below psychological support at $7.000. First resistance is seen at yesterday’s high of $7.834 and then at this week’s high of $7.938. First support is seen at $7.30 and then at this week’s low of $7.14.


Wyckoff’s Market Rating: 2.0