Energies Market Commentary -- MrSwing

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Energies Market Commentary
test localhost Aug 10, 2012

Jim Wyckoff

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September crude oil closed up $0.16 a barrel at $93.51 yesterday. Prices closed near mid-range yesterday. Crude oil bulls still have upside technical momentum and have the overall near-term technical advantage. A five-week-old price uptrend has been re-established on the daily bar chart. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid technical resistance at $96.00 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 last week's low of $86.92. First resistance is seen at yesterday's high of $94.21 and then at this week's high of $94.72 and then at $95.00. First support is seen at $92.82 and then at $91.78.

Wyckoff's Market Rating: 6.0

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September heating oil closed up 359 points at $3.0522 yesterday. Prices closed near the session high yesterday and hit another fresh three-month high. Bulls have the overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. The bulls' next upside price breakout objective is closing prices above solid technical resistance at $3.1000. Bears' next downside price breakout objective is producing a close below solid technical support at $2.8250. First resistance lies at yesterday's high of $3.0522 and then at $3.0750. First support is seen at $3.0250 and then at yesterday's low of $3.0043.

Wyckoff's Market Rating: 7.0.

September unleaded gasoline closed up 252 points at $3.0056 yesterday. Prices closed nearer the session high yesterday and closed at a fresh three-month high close. Bulls have the overall near-term technical advantage. Prices are in a six-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 $3.1000. Bears' next downside price breakout objective is closing prices below solid support at $2.8500. First resistance is seen at this weeks' high of $3.0225 and then at $3.0500. First support is seen at yesterday's low of $2.9634 and then at $2.9500.

Wyckoff's Market Rating: 7.0.

September natural gas closed down 1.1 cents at $2.922 yesterday. Prices closed nearer the session low yesterday. 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 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 $3.00 and then at $3.065. First support is seen at yesterday's low of $2.876 and then at this week's low of $2.801.

Wyckoff's Market Rating: 5.0.