ENERGIES: August Nymex crude oil closed up $1.56 at $99.55 yesdterday. Prices closed nearer the session high and hit a fresh 4.5-month high yesdterday. Bulls have the near-term technical advantage and have momentum on their side. The Egypt unrest is supporting the crude oil market. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid chart resistance at $100.00 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 $96.00. First resistance is seen at yesdterday’s high of $99.87 and then at $100.00. First support is seen at $99.00 and then at $98.00. Wyckoff’s Market Rating: 6.5
August heating oil closed up 274 points at $2.9014 yesdterday. Prices closed nearer the session high and hit a two-week high yesdterday. Bulls and bears are on a level near-term technical playing field. The bulls’ next upside price breakout objective is closing prices above solid technical resistance at the June high of $2.9894. Bears’ next downside price breakout objective is producing a close below solid technical support at the June low of $2.7745. First resistance lies at yesdterday’s high of $2.9083 and then at $2.9250. First support is seen at yesdterday’s low of $2.8688 and then at this week’s low of $2.8500. Wyckoff’s Market Rating: 5.0.
August (RBOB) unleaded gasoline closed up 414 points at $2.7792 yesdterday. Prices closed nearer the session high and hit a two-week high yesdterday. The gasoline bears still 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 June high of $2.9027. Bears’ next downside price breakout objective is closing prices below solid support at the April low of $2.6508. First resistance is seen at yesdterday’s high of $2.7894 and then at $2.8000. First support is seen at yesdterday’s low of $2.7413 and then at $2.7200. Wyckoff’s Market Rating: 4.5.
August natural gas closed up 8.0 cents at $3.657 yesdterday. Prices closed nearer the session high yesdterday on more short covering. Bears still have the near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $3.80. The next downside price breakout objective for the bears is closing prices below solid technical support at $3.500. First resistance is seen at $3.70 and then at $3.75. First support is seen at yesdterday’s low of $3.567 and then at last week’s low of $3.526. Wyckoff’s Market Rating: 3.0.
