Friday, October 01, 2010
Energies Market Commentary from Jim Wyckoff
ENERGIES: November crude oil closed up $2.15 at $80.03
a barrel today. Prices closed nearer the session high
today, hit a fresh seven-week high and closed at a
bullish monthly high close. Bulls have the near-term
technical advantage in crude. Prices are in a five-week-
old uptrend on the daily bar chart. The next near-term
upside price objective for the bulls is producing a close
above solid technical resistance at the August high of
$83.91 a barrel. The next near-term downside price
objective for the crude oil bears is to produce a close
below solid technical support at $75.00. First resistance
is seen at today's high of $80.18 and then at $80.50.
First support is seen at $79.50 and then at $79.00.
Wyckoff's Market Rating: 7.0.
November heating oil closed up 582 points at $2.2695
today. Prices closed near the session high today and hit
a fresh 4.5-month high. Prices also closed at a bullish
monthly and quarterly high close. Bulls have the solid
near-term technical advantage and gained more power
today. Prices are in a five-week-old uptrend on the daily
bar chart. The bulls' next upside price objective is
closing prices above solid technical resistance at
$2.3500. Bears' next downside price objective is
producing a close below solid technical support at
$2.1750. First resistance lies at today's high of $2.2707
and then at $2.3000. First support is seen at $2.2500 and
then at $2.2250. Wyckoff's Market Rating: 7.5.
November unleaded gasoline closed up 553 points at
$2.0382. Prices closed near the session high today and
hit a fresh seven-week high. Prices also closed at a
bullish monthly high close today. Bulls have the solid
near-term technical advantage. The next upside price
objective for the bulls is closing prices above solid
technical resistance at the August high of $2.0997.
Bears' next downside price objective is closing prices
below solid support at $1.9250. First resistance is seen
at today's high of $2.0400 and then at $2.0500. First
support is seen at $2.0250 and then at $2.0000. Wyckoff's
Market Rating: 7.0.
November natural gas closed down 9.2 cents at $3.87
today. Prices closed near the session low today, scored a
bearish "outside day" down on the daily bar chart, hit a
fresh contract low and closed at a bearish monthly and
quarterly low close. A bearish weekly gas storage report
fueled the sellers today. The bears have the solid
overall near-term technical advantage and gained more
downside power today. The next upside price objective for
the bulls is closing prices above solid technical
resistance at $4.20. The next downside price objective
for the bears is closing prices below solid technical
support at $3.65. First resistance is seen at today's
high of $4.012 and then at $4.10. First support is seen
at today's contract low of $3.78 and then at $3.75.
Wyckoff's Market Rating: 1.0.
