by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER CRUDE OIL
October crude oil closed up $0.74 at $97.90 a barrel yesterday. Prices closed nearer the session low yesterday. More short covering in a bear market and bottom-picking buying supported crude oil yesterday. Bears still have the overall near-term technical advantage amid no technical clues that a market bottom is in place. The next upside price objective for the crude oil bulls is to produce a close above what is now major psychological resistance at $100.00. The next downside price objective for the bears is producing a close below technical support at this week’s low of $90.51 a barrel. First resistance is seen at $99.00 and then at $100.00. First support is seen at yesterday’s low of $95.73 and then at $94.00.
Wyckoff’s Market Rating: 3.5.
OCTOBER HEATING OIL
October heating oil closed down 352 points at $2.7895 yesterday. Prices closed nearer the session low yesterday. Bears still have the near-term technical advantage. The bulls’ next upside price objective is closing prices above psychological resistance at $3.0000. Bears’ next downside price objective is producing a close below solid technical support at this week’s low of $2.6712. First resistance lies at $2.8000 and then at 2.8500. First support is seen at yesterday’s low of $2.7454 and then at $2.7000.
Wyckoff’s Market Rating: 3.0.
OCTOBER (RBOB) UNLEADED GASOLINE
October (RBOB) unleaded gasoline closed up 131 points at $2.4761 yesterday. Prices closed nearer the session high yesterday. The bears still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.7000. Bears’ next downside price objective is closing prices below solid support at this week’s low of $2.3348. First resistance is seen at yesterday’s high of $2.5377 and then at $2.5580. First support is seen at $2.4500 and then at $2.4000.
Wyckoff’s Market Rating: 3.0.
OCTOBER NATURAL GAS
October natural gasclosed down 32.2 cents at $7.588 yesterday. Prices closed nearer the session low yesterday after hitting a fresh two-week high early on. Bears remain in technical control of nat gas. The next upside price objective for the bulls is closing prices above solid technical resistance at $8.50. The next downside price objective for the bears is closing prices below solid technical support at $7.00. First resistance is seen at $8.00 and then at yesterday’s high of $8.32. First support is seen at yesterday’s low of $7.411 and then at $7.25.
Wyckoff’s Market Rating: 2.0.
