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Energies Market Commentary from Jim Wyckoff
Sep 21, 2012

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Jim Wyckoff

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ENERGIES: November crude oil closed up $0.31 a barrel at
$92.61 today. Prices closed near the session high today and
hit another fresh six-week low early on. Short covering was
seen today. The bulls have faded badly this week as a 2.5-
month-old uptrend on the daily bar chart was negated
Wednesday. Bulls and bears are 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 major psychological 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 $90.00. First resistance
is seen at $93.00 and then at $94.00. First support is seen
at $92.00 and then at today's low of $90.96. Wyckoff's
Market Rating: 5.0

November heating oil closed up 526 points at $3.0950 today.
Prices closed near the session high today and hit another
fresh six-week low early on. Bulls have faded this week. A
10-week-old uptrend on the daily bar chart has been negated
this week. The bulls' next upside price breakout objective
is closing prices above solid technical resistance at last
week's high of $3.2633. Bears' next downside price breakout
objective is producing a close below solid technical
support at $2.9500. First resistance lies at $3.1250 and
then at $3.1500. First support is seen at $3.0500 and then
at today's low of $3.0227. Wyckoff's Market Rating: 5.0.

November unleaded gasoline closed up 554 points at
$2.7835 today. Prices closed near the session high today
and saw short covering. A 2.5-month-old uptrend on the
daily bar chart has been negated this week. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at last week's high of
$3.9527. Bears' next downside price breakout objective is
closing prices below solid support at $2.6100. First
resistance is seen at $2.8000 and then at $2.8250. First
support is seen at $2.7500 and then at $2.7250. Wyckoff's
Market Rating: 5.0.

November natural gas closed up 3.4 cents at $2.979 today.
Prices closed nearer the session high today. Bulls have
faded recently and are on a level near-term technical
playing field with the bears. The next upside price
breakout objective for the bulls is closing prices above
solid technical resistance at the September high of $3.199.
The next downside price breakout objective for the bears is
closing prices below solid technical support at the August
low of $2.79. First resistance is seen at $3.00 and then at
$3.05. First support is seen at today's low of $2.923 and
then at $2.90. Wyckoff's Market Rating: 5.0.

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