February crude oil closed down $0.20 at $79.45 a barrel yesterday. Prices closed near mid-range yesterday and closed at a fresh two-week low close. Crude oil bulls
still have the overall near-term technical advantage, but are fading. The next upside price objective for the bulls is producing a close above solid technical resistance at this week’s high of $83.95 a barrel. The next downside price objective for the crude oil bears is to produce a close below solid technical support at $77.00. First resistance is seen at $80.00 and then at yesterday’s high of $80.36. First support is seen at yesterday’s low of $78.92 and then at this week’s low of $78.37.
Wyckoff’s Market Rating: 6.5.
Source: VantagePoint Intermarket Analysis Software
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February heating oil closed down 130 points at $2.0816 yesterday. Prices closed near mid-range yesterday and closed at a fresh two-week low close yesterday. Bulls still have the overall near-term technical advantage, but are fading. The bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $2.2272. Bears’ next downside price objective is producing a close below solid technical support at $2.0000. First resistance lies at yesterday’s high of $2.1091 and then at $2.1250. First support is seen at this week’s low of $2.0600 and then at $2.0500.
Wyckoff’s Market Rating: 6.5.
February (RBOB) unleaded gasoline closed up 140 points at $2.0742 yesterday. Prices closed nearer the session high yesterday. Bulls still have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at this week’s high of $2.1927. Bears’ next downside price objective is closing prices below solid support at $1.9200. First support is seen at yesterday’s low of $2.0515 and then at this week’s low of $2.0212. First resistance is seen at yesterday’s high of $2.0815 and then at $2.1000.
Wyckoff’s Market Rating: 6.5.
February natural gas closed down 15.7 cents at $5.576 yesterday. Prices closed nearer the session low yesterday. Bears have regained the slight near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at last week’s high of $6.027. The next downside price objective for the bears is closing prices below solid technical support at $5.00. First resistance is seen at yesterday’s high of $5.804 and then at $5.90. First support is seen at yesterday’s low of $5.483 and then at this week’s low of $5.354.
Wyckoff’s Market Rating: 4.0.
