Friday, October 01, 2010
Energies Market Commentary
November crude oil closed up $2.15 at $80.03 a barrel yesterday. Prices closed nearer the session high yesterday, 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 yesterday'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.
Source: VantagePoint Intermarket Analysis Software
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November heating oil closed up 582 points at $2.2695 yesterday. Prices closed near the session high yesterday 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 yesterday. 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 yesterday'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 yesterday and hit a fresh seven-week high. Prices also closed at a bullish monthly high close yesterday. 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 yesterday'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 yesterday. Prices closed near the session low yesterday, 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 yesterday. The bears have the solid overall near-term technical advantage and gained more downside power yesterday. 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 yesterday's high of $4.012 and then at $4.10. First support is seen at yesterday's contract low of $3.78 and then at $3.75.
Wyckoff's Market Rating: 1.0.
