December Nymex crude oil closed down $1.17 at $93.45 today. Prices closed nearer the session low today and hit another fresh 17-week low. Crude oil bears have the overall near-term technical advantage. A nine-week-old downtrend is in place on the daily bar chart. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $99.00 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 $91.00. First resistance is seen at $94.00 and then at $95.00. First support is seen at $93.00 and then at $92.50. Wyckoff’s Market Rating: 3.0
December heating oil closed down 71 points at $2.8667 today. Prices closed nearer the session low and hit another fresh 17-week low. Bears have the overall near-term technical advantage. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.0000. Bears’ next downside price breakout objective is producing a close below solid technical support at the June low of $2.8183. First resistance lies at $2.9000 and then at $2.9200. First support is seen at today’s low of $2.8582 and then at $2.8500. Wyckoff’s Market Rating: 3.0
December (RBOB) unleaded gasoline closed down 63 points at $2.5219 today. Prices closed nearer the session low and hit another fresh 17-week low. The gasoline bears have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.6400. Bears’ next downside price breakout objective is closing prices below solid support at the June low of $2.5054. First resistance is seen at this week’s high of $2.5542 and then at $2.5750. First support is seen at $2.5054 and then at $2.5000. Wyckoff’s Market Rating: 3.0
December natural gas closed up 3.5 cents at $3.48 today. Prices closed near the session high and hit a fresh contract low early on today. Short covering was featured. Prices today scored a bullish “outside day” up on the daily bar chart. If there is good follow-through buying on Wednesday, then a bullish “key reversal” up on the daily bar chart would be confirmed. That would be an early clue that a market bottom is in place for nat gas. But right now the nat gas bears have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.65. The next downside price breakout objective for the bears is closing prices below solid technical support at $3.25. First resistance is seen at $3.50 and then at $3.55. First support is seen at $3.406 and then at today’s contract low of $3.379. Wyckoff’s Market Rating: 1.5
