ENERGIES: November Nymex crude oil closed up $0.51 at $91.26 today. Prices closed near the session high today after falling sharply to a low of $88.18 and hitting a nearly nine-month low early on. Today’s big rebound produced a selling “exhaustion tail” on the daily bar chart, whereby the bears became exhausted at the lower price levels and prices then drifted back higher. Today’s price action is a solid technical clue that a near-term low is in place in the crude oil market. But the bears stillhave the near-term technical advantage. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $94.00 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 today’s low of $88.18. First resistance is seen at $92.00 and then at $92.50. First support is seen at $90.47 and then at $90.00. Wyckoff’s Market Rating: 3.0
November heating oil closed down 98 points at $2.6458 today. Prices closed nearer the session high after hitting a contract low early on. The heating oil bears have the solid near-term technical advantage. Prices are in a 13-week-old downtrend on the daily bar chart. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $2.7500. Bears’ next downside price breakout objective is producing a close below solid technical support at $2.5000. First resistance lies at today’s high of $2.6666 and then at $2.7000. First support is seen at today’s contract low of $2.6049 and then at $2.5800. Wyckoff’s Market Rating: 1.0
November (RBOB) unleaded gasoline closed down 321 points at $2.4176 today. Prices closed near mid-range today and hit a 1.5-year low. The gasoline 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 last week’s high of $2.5586. Bears’ next downside price breakout objective is closing prices below solid support at $2.3500. First resistance is seen at today’s high of $2.4520 and then at $2.4800. First support is seen at $2.4000 and then at today’s low of $2.3755. Wyckoff’s Market Rating: 1.0
November natural gas closed down 7.2 cents at $3.951 today. Prices closed nearer the session low today on more profit taking after hitting a 10-week high on Tuesday. The nat gas bears have the overall near-term technical advantage and have regained downside momentum. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at this week’s high of $4.184. The next downside price breakout objective for the bears is closing prices below solid technical support at the July low of $3.786. First resistance is seen at $4.00 and then at today’s high of $4.059. First support is seen at today’s low of $3.908 and then at last week’s low of $3.845. Wyckoff’s Market Rating: 3.0
