ENERGIES: November Nymex crude oil closed down $1.60 at $99.21 Monday. Prices closed nearer the session low Monday and hit another fresh 3.5-month low. It was also a psychological blow to the bulls to have prices close below $100.00 a barrel. Crude oil bears have the overall near-term technical advantage. A seven-week-old downtrend is in place 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 $103.00 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 $100.00 and then at Monday’s high of $100.95. First support is seen at Monday’s low of $99.01 and then at $98.50. Wyckoff’s Market Rating: 3.5
November heating oil closed down 191 points at $3.0163 Monday. Prices closed nearer the session low Monday. 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 October high of $3.0806. Bears’ next downside price breakout objective is producing a close below solid technical support at the October low of $2.9241. First resistance lies at Monday’s high of $3.0448 and then at $3.0610. First support is seen at $3.0000 and then at $2.9800. Wyckoff’s Market Rating: 5.0.
November (RBOB) unleaded gasoline closed down 146 points at $2.6586 Monday. Prices closed nearer the session low Monday. The gasoline bulls and bears are on a level near-term technical playing field. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at $2.7500. Bears’ next downside price breakout objective is closing prices below solid support at $2.6000. First resistance is seen at Monday’s high of $2.6840 and then at $2.7000. First support is seen at $2.6344 and then at $2.6250. Wyckoff’s Market Rating: 5.0.
November natural gas closed down 9.4 cents at $3.67 Monday. Prices closed nearer the session low and scored a bearish “outside day” down on the daily bar chart. The nat gas bears have the slight overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the July high of $3.91. The next downside price breakout objective for the bears is closing prices below solid technical support at the September low of $3.45. First resistance is seen at $3.70 and then at $3.75. First support is seen at Monday’s low of $3.654 and then at $3.60. Wyckoff’s Market Rating: 4.5.
