ENERGIES: October Nymex crude oil closed down $1.08 at $105.51 Tuesday. Prices closed near mid-range Tuesday and hit another fresh two-week low. Crude oil bulls still have the overall near-term technical advantage, but are now fading. The war premium is getting pulled out of the oil market. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at the August spike high of $112.24 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 $103.50. First resistance is seen at $106.00 and then at Tuesday’s high of $106.43. First support is seen at Tuesday’s low of $104.94 and then at the September low of $104.21. Wyckoff’s Market Rating: 6.5
October heating oil closed down 787 points at $2.9850 Tuesday. Prices closed nearer the session low Tuesday and hit a fresh six-week low. Bulls have faded badly and have lost their near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at $3.1200. Bears’ next downside price breakout objective is producing a close below solid technical support at the August low of $2.9261. First resistance lies at $3.0000 and then at $3.0200. First support is seen at Tuesday’s low of $2.9795 and then at $2.9500. Wyckoff’s Market Rating: 5.0.
October (RBOB) unleaded gasoline closed down 649 points at $2.6517 Tuesday. Prices closed nearer the session low and hit a fresh 2.5-month low Tuesday. The gasoline bears now have the near-term technical advantage. Prices are in a steep three-week-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.8000. Bears’ next downside price breakout objective is closing prices below solid support at the June low of $2.5471. First resistance is seen at $2.6750 and then at $2.7000. First support is seen at Tuesday’s low of $2.6443 and then at $2.6250. Wyckoff’s Market Rating: 4.0.
October natural gas closed down 0.9 cents at $3.729 Tuesday. Prices closed nearer the session low and did hit another fresh seven-week high Tuesday. The nat gas bears still have the slight overall near-term technical advantage. However, a five-week-old uptrend is back in place on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the July high of $3.844. The next downside price breakout objective for the bears is closing prices below solid technical support at $3.50. First resistance is seen at Tuesday’s high of $3.776 and then at $3.8000. First support is seen at $3.70 and then at this week’s low of $3.625. Wyckoff’s Market Rating: 4.0.
