Energies Market Commentary -- MrSwing

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Energies Market Commentary
test localhost Sep 07, 2012

Jim Wyckoff

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October crude oil closed up $0.22 a barrel at $95.58 yesterday. Prices closed nearer the session low yesterday. Crude oil bulls still have the overall near-term technical advantage, but are fading a bit. A two-month-old price uptrend is still in place on the daily bar chart, but now just barely. The next near-term upside price breakout objective for the crude oil bulls is producing a close above major psychological resistance at the August high of $98.29 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 $92.00. First resistance is seen at $96.00 and then at $97.00. First support is seen at $95.00 and then at last week's low of $93.95. Wyckoff's Market Rating: 6.0

October heating oil closed up 292 points at $3.1468 yesterday. Prices closed near mid-range yesterday. Bulls have the solid overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. The bulls' next upside price breakout objective is closing prices
above solid technical resistance at $3.2500. Bears' next downside price breakout objective is producing a close below solid technical support at $3.0800. First resistance lies at yesterday's high of $3.1719 and then at this week's high of $3.2160. First support is seen at yesterday's low of $3.1213 and then at $3.1000. Wyckoff's Market Rating: 7.0.

October unleaded gasoline closed up 448 points at $2.9946 yesterday. Prices closed near mid-range and hit a fresh five-month high yesterday. Bulls have the solid overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the March high of $3.0402. Bears' next downside price breakout objective is closing prices below solid support at $2.8000. First resistance is seen at yesterday's high of $3.0203 and then at $3.0402. First support is seen at yesterday's low of $2.9579 and then at $2.9250. Wyckoff's Market Rating: 7.5.

October natural gas closed down 2.4 cents at $2.771 yesterday. Prices closed near the session low again yesterday. Bears still 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 $3.00. The next downside price breakout objective for the bears is closing prices below solid technical support at $2.50. First resistance is seen at yesterday's high of $2.866 and then at $2.91 and then at $2.95. First support is seen at $2.75 and then at $2.70. Wyckoff's Market Rating: 4.0.