September crude oil closed down $0.09 a barrel at $97.30 yesterday. Prices closed near mid- range yesterday in quieter trading. The bulls still have the slight overall near-term technical advantage but are fading a bit and need to show fresh power soon. Prices are still in a four-week- old uptrend on the daily bar chart, but now just barely. The next near-term upside price breakout objective for the bulls is producing a close above major psychological resistance at $100.00 a barrel. The next near-term downside price breakout objective for the crude oil bears is to produce a close below solid technical support at $94.00. First resistance is seen at $98.00 and then at $99.00. First support is seen at yesterday’s low of $96.51 and then at $96.00.
Wyckoff’s Market Rating: 5.5.
Source: VantagePoint Intermarket Analysis Software
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September heating oil closed up 181 points at $3.1125 yesterday. Prices closed near mid-range yesterday. Bulls still have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the June high of $3.1834. Bears’ next downside price breakout objective is producing a close below solid technical support at $3.0500. First resistance lies at yesterday’s high of $3.1327 and then at last week’s high of $3.1577. First support is seen at this week’s low of $3.0817 and then at $3.0500.
Wyckoff’s Market Rating: 6.0.
September (RBOB) unleaded gasoline closed down 210 points at $3.0620. Prices closed nearer the session low yesterday. Bulls still have the solid near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the May high of $3.2781. Bears’ next downside price breakout objective is closing prices below solid support at $2.9000. First resistance is seen at this week’s high of $3.1200 and then at $3.1500. First support is seen at yesterday’s low of $3.0396 and then at $3.0000. Wyckoff’s Market Rating: 6.5. September natural gas closed down 7.7 cents at $4.241 yesterday. Prices closed nearer the session low again yesterday and hit a fresh two-week low. Bulls are fading badly. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $4.50. The next downside price breakout objective for the bears is closing prices below solid technical support at the July low of $4.067. First resistance is seen at $4.30 and then at yesterday’s high of $4.339. First support is seen at yesterday’s low of $4.20 and then at $4.15.
Wyckoff’s Market Rating: 3.0.
