Energies Market Commentary -- MrSwing

You Are Here: Home > Articles > Commentary > Energies Market Commentary

Energies Market Commentary
test localhost Aug 03, 2012

Jim Wyckoff

Get Your FREE Market Forecasts Here
More articles

Font Size:

September crude oil closed down $1.79 a barrel at $87.12 yesterday. Prices closed nearer the session low yesterday, hit a fresh three-week low and scored a bearish "outside day" down on the daily bar chart. Crude oil bulls and bears are now back on a level near-term technical playing field. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid technical resistance at the July high of $93.25 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 $86.00. First resistance is seen at $88.00 and then at $89.00. First support is seen at yesterday's low of $86.92 and then at $86.00.

Wyckoff's Market Rating: 5.0

Source: VantagePoint Intermarket Analysis Software

Call now and you will be provided with FREE recent forecasts
that are up to 86% accurate* 800-732-5407
If you would rather have the recent forecasts sent to you, please go here

September heating oil closed down 166 points at $2.8422 yesterday. Prices closed nearer the session low yesterday. Bulls have the slight overall near-term technical advantage but need to show more power soon. Prices are still in a five-week-old uptrend on the daily bar chart, but just barely. The bulls' next upside price breakout objective is closing prices above solid technical resistance at $3.0000. Bears' next downside price breakout objective is producing a close below solid technical support at $2.7500. First resistance lies at $2.8750 and then at this week's high of $2.8974. First support is seen at this week's low of $2.8262 and then at last week's low of $2.7917.

Wyckoff's Market Rating: 5.5.

September unleaded gasoline closed up 297 points at $2.8641 yesterday. Prices closed near mid-range yesterday and hit a fresh three-month high. Bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid
technical resistance at $2.9250. Bears' next downside price breakout objective is closing prices below solid support at last week's low of $2.6551. First resistance is seen at yesterday's high of $2.8934 and then at $2.9000. First support is seen at $2.8500 and then at yesterday's low of $2.8300.

Wyckoff's Market Rating: 6.0.

September natural gas closed down 25.3 cents at $2.918 yesterday. Prices closed near the session low yesterday on heavy profit taking. Bulls faded yesterday. Bulls 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 July high of $3.277. The next downside price breakout objective for the bears is closing prices below solid technical support at the July low of $2.706. First resistance is seen at $2.95 and then at $3.00. First support is seen at yesterday's low of $2.912 and then at $2.85.

Wyckoff's Market Rating: 5.5.