ENERGIES
March crude oil closed down $4.03 at $72.95 a barrel today. Prices closed nearer the session low today and hit a fresh nearly four-month low. Prices were pressured by falling stock indexes and a sharply higher U.S. dollar index. Some chart damage occurred today in crude, and more serious near-term damage would be inflicted by good follow-through selling pressure and a bearish weekly low close on Friday. The next upside price objective for the bulls is producing a close above solid technical resistance at this week’s high of $78.04 a barrel. The next downside price objective for the crude oil bears is to produce a close below solid technical support at $70.00. First resistance is seen at $74.00 and then at $75.00. First support is seen at today’s low of $72.42 and then at $72.00. Wyckoff’s Market Rating: 4.0.
March heating oil closed down 874 points at $1.9321 today. Prices closed nearer the session low again today. Chart damage was inflicted today. Bears now have the near-term technical advantage. The bulls’ next upside price objective is closing prices above solid technical resistance at $2.0000. Bears’ next downside price objective is producing a close below solid technical support at last week’s low of $1.9005. First resistance lies at $1.9500 and then at $1.9750. First support is seen at today’s low of $1.9169 and then at $1.9005. Wyckoff’s Market Rating: 4.0.
March (RBOB) unleaded gasoline closed down 898 points at $1.9464 today. Prices closed nearer the session low 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 this week’s high of $2.0662. Bears’ next downside price objective is closing prices below solid support at this week’s low of $1.8973. First support is seen at today’s low of $1.9333 and then at $1.8973. First resistance is seen at $2.0000 and then at $2.0250. Wyckoff’s Market Rating: 5.0.
March natural gas closed up 0.9 cents at $5.428 today. Prices closed nearer the session high today. Bears still have the overall near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $5.80. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $5.06. First resistance is seen at today’s high of $5.50 and then at this week’s high of $5.558. First support is seen at $5.36 and then at today’s low of $5.227. Wyckoff’s Market Rating: 3.5.
