Saturday, October 25, 2014

Crude at 4-Month High as Bulls Have Technical Power

Wednesday, January 23rd, 2013

ENERGIES: March crude oil closed up $0.67 a barrel at
$96.71 today. Prices closed nearer the session high and hit
another fresh four-month high today. Crude oil was
supported by a weaker U.S. dollar index today. The crude
bulls have the overall near-term technical advantage.
Prices are in a five-week-old uptrend on the daily bar
chart. 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 $92.00. First resistance is seen at $97.00 and
then at $97.50. First support is seen at $96.00 and then at
$95.00. Wyckoff’s Market Rating: 6.5

March heating oil closed up 179 points at $3.0598 today.
Prices closed near mid-range today. Bulls have the slight
near-term technical advantage. A choppy five-week-old
uptrend is in place on the daily bar chart–but now just
barely. The bulls’ next upside price breakout objective is
closing prices above solid technical resistance at the
January high of $3.1137. Bears’ next downside price
breakout objective is producing a close below solid
technical support at the January low of $2.9809. First
resistance lies at today’s high of $3.0772 and then at
$3.1000. First support is seen at today’s low of $3.0293
and then at $3.00. Wyckoff’s Market Rating: 5.5.

March unleaded gasoline closed up 367 points at
$2.8480 today. Prices closed nearer the session high today
and hit a fresh four-month high. Bulls have the solid
overall near-term technical advantage. The next upside
price breakout objective for the bulls is closing prices
above solid technical resistance at the September high of
$2.8753. Bears’ next downside price breakout objective is
closing prices below solid support at the January low of0
$2.7117. First resistance is seen at today’s high of
$2.8590 and then at $2.873. First support is seen at 2.8255
and then at today’s low of $2.7971. Wyckoff’s Market
Rating: 7.0.

March natural gas closed down 2.4 cents at $3.541 today.
Prices closed nearer the session low today after hitting a
fresh six-week high early on today. Nat gas bulls and bears
are back on a level near-term technical playing field but
the bulls have gained some momentum recently. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at today’s high of
$3.646. The next downside price breakout objective for the
bears is closing prices below solid technical support at
$3.25. First resistance is seen at last week’s high of
$3.576 and then at $3.60. First support is seen at today’s
low of $3.502 and then at $3.45. Wyckoff’s Market Rating:
5.0.

Read More at TraderPlanet.com »

Related Reading: