Crude Oil Remains in Choppy Trading Range
Friday, October 19th, 2012 ENERGIES: November crude oil closed down $0.16 a barrel
at $91.96 today. Prices closed nearer the session high
today. Gains were limited by a firmer U.S. dollar index
today. Trading remains choppy. 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 solid technical resistance at
$94.00 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 the October low of $87.70.
First resistance is seen at this week’s high of $92.85 and
then at the October high of $93.66. First support is seen
at $91.00 and then at $90.00. Wyckoff’s Market Rating: 5.0
November heating oil closed down 20 points at $3.1874
today. Prices closed near mid-range. Bulls still have the
overall near-term technical advantage. The bulls’ next
upside price breakout objective is closing prices above
solid technical resistance at the March high of $3.3389.
Bears’ next downside price breakout objective is producing
a close below solid technical support at $3.1000. First
resistance lies at today’s high of $3.2065 and then at this
week’s high of $3.2303. First support is seen at today’s
low of $3.1578 and then at $3.1250. Wyckoff’s Market
Rating: 7.0.
November unleaded gasoline closed down 297 points at
$2.7520 today. Prices closed near mid-range today and hit a
fresh four-week low. More profit taking was featured. Bulls
still have the overall near-term technical advantage, but
are fading. The next upside price breakout objective for
the bulls is closing prices above solid technical
resistance at $2.9000. Bears’ next downside price breakout
objective is closing prices below solid support at the
September low of $2.7029. First resistance is seen at
today’s high of $2.7891 and then at $2.8000. First support
is seen at $2.7250 and then at $2.7029. Wyckoff’s Market
Rating: 6.0.
November natural gas closed up 10.3 cents at $3.574 today.
Prices closed nearer the session high today. Bulls have the
overall near-term technical advantage. Prices are in a
five-week-old uptrend on the daily bar chart. The next
upside price breakout objective for the bulls is closing
prices above solid technical resistance at $3.75. The next
downside price breakout objective for the bears is closing
prices below solid technical support at last week’s low of
$3.327. First resistance is seen at this week’s high of
$3.60 and then at the October high of $3.638. First support
is seen at $3.50 and then at $3.45. Wyckoff’s Market
Rating: 7.0.
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