ENERGIES
August crude oil closed down $0.55 at $76.49 a barrel today. Prices closed near mid-range today. Bulls have the slight overall near-term technical advantage. The next near-term upside price objective for the bulls is producing a close above major psychological resistance at $80.00 a barrel. The next near-term downside price objective for the crude oil bears is to produce a close below solid technical support at $74.00. First resistance is seen at $77.00 and then at today’s high of $77.66. First support is seen at $76.00 and then at today’s low of $75.33. Wyckoff’s Market Rating: 5.5.
August heating oil closed down 171 points at $2.0190 today. Prices closed near mid-range. Bulls and bears are on a level near-term technical playing field. The bulls’ next upside price objective is closing prices above solid technical resistance at $2.1000. Bears’ next downside price objective is producing a close below solid technical support at the July low of $1.8968. First resistance lies at today’s high of $2.0515 and then at $2.0750. First support is seen at $2.0000 and then at this week’s low of $1.9759. Wyckoff’s Market Rating: 5.0.
Source: VantagePoint Intermarket Analysis Software
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August (RBOB) unleaded gasoline closed down 86 points at $2.0579. Prices closed near mid-range today. Bulls and bears are on a level near-term technical playing field. The next upside price objective for the bulls is closing prices above solid technical resistance at the June high of $2.1853. Bears’ next downside price objective is closing prices below solid support at last week’s low of $1.9480. First resistance is seen at this week’s high of $2.0941 and then at $2.1250. First support is seen at $2.0500 and then at today’s low of $2.0273. Wyckoff’s Market Rating: 5.0.
September natural gas closed up 28.5 cents at $4.604 today. Prices closed near the session high today. Short covering in a bear market was featured. The bears still have the overall near-term technical advantage. Prices are still in a four-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above solid technical resistance at the July high of $4.945. The next downside price objective for the bears is closing prices below solid technical support at today’s low of $4.29. First resistance is seen at $4.70 and then at $4.80. First support is seen at $4.50 and then at $4.40. Wyckoff’s Market Rating: 3.0.
