ENERGIES: May Nymex crude oil closed down $0.08 at $103.65 today. Prices closed nearer the session low today on mild profit taking after hitting a fresh contract high early on. Crude oil bulls still have the solid near-term technical advantage. Prices are in a four-week-old uptrend 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 $105.00 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 $100.00. First resistance is seen at $104.00 and then at today’s contract high of $104.55. First support is seen at $103.00 and then at $102.50. Wyckoff’s Market Rating: 7.5
May heating oil closed up 426 points at $2.9759 today. Prices closed nearer the session high today and hit a fresh five-week high. Prices today saw a bullish upside “breakout” from a choppy trading range and the bulls now 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 $2.9000. First resistance lies at today’s high of $2.9862 and then at $3.0000. First support is seen at $2.9600 and then at $2.9500. Wyckoff’s Market Rating: 6.0
May (RBOB) unleaded gasoline closed up 168 points at $3.0314 today. Prices closed nearer the session high today and hit a fresh contract high. The gasoline bulls have the solid near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.0800. Bears’ next downside price breakout objective is closing prices below solid support at $2.9500. First resistance is seen at today’s contract high of $3.0480 and then at $3.0600. First support is seen at $3.0000 and then at $2.9800. Wyckoff’s Market Rating: 8.0
May natural gas closed down 6.2 cents at $4.558 today. Prices closed nearer the session low today on a corrective pullback after prices late last week hit a four-week high. The nat gas bulls have the slight near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the March high of $4.669. The next downside price breakout objective for the bears is closing prices below solid technical support at the April low of $4.221. First resistance is seen at today’s high of $4.646 and then at last week’s high of $4.703. First support is seen at $4.50 and then at last week’s low of $4.43. Wyckoff’s Market Rating: 5.5
