September crude oil closed up $1.82 at $67.23 a barrel yesterday. Prices closed near the session high and hit a fresh three-week high yesterday as bulls did gain some fresh upside technical momentum amid a rallying U.S. stock market. Bulls have the near-term technical advantage. A two-week-old uptrend is in place on the daily bar chart. The next downside price objective for the crude oil bears is to produce a close below solid technical support at this week’s low of $63.76. The next upside price objective for the bulls is producing a close above solid technical resistance at $70.00 a barrel. First resistance is seen at yesterday’s high of $67.49 and then at $68.00. First support is seen at $66.00 and then at $65.00.

Wyckoff’s Market Rating: 6.5.

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Source: VantagePoint Intermarket Analysis Software

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September heating oil closed up 516 points at $1.7920 yesterday. Prices closed nearer the session high and hit a fresh three-week high yesterday. A two-week-old uptrend is in place on the daily bar chart. The bulls’ next upside price objective is closing prices above solid technical resistance at $1.9000. Bears’ next downside price objective is producing a close below solid technical support at $1.6500. First resistance lies at yesterday’s high of $1.8048 and then at $1.8500. First support is seen at $1.7500 and then at yesterday’s low of $1.7295.

Wyckoff’s Market Rating: 6.5.

September (RBOB) unleaded gasoline closed up 735 points at $1.8880 yesterday. Prices closed nearer the session high and hit a fresh three-week high yesterday. A two-week-old uptrend is in place on the daily bar chart. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.0000. Bears’ next downside price objective is closing prices below solid support at $1.7500. First resistance is seen at yesterday’s high of $1.8950 and then at $1.9500. First support is seen at $1.8500 and then at yesterday’s low of $1.8099.

Wyckoff’s Market Rating: 7.0.

September natural gas closed down 21.3 cents at $3.727 yesterday. Prices closed nearer the session low. The bears are still in technical control and gained fresh downside momentum yesterday. The fact that nat gas could not rally amid a general commodity market rally yesterday is a bearish clue. The next upside price objective for the bulls is closing prices above solid technical resistance at this week’s high of $4.045. The next downside price objective for the bears is closing prices below solid technical support at the contract low of $3.366. First resistance is seen at $3.85 and then at $3.95. First support is seen at yesterday’s low of $3.696 and then at $3.50.

Wyckoff’s Market Rating: 1.5.