September 14, 2007
ENERGIES: October crude oil closed up $0.18 at $80.09 a barrel today. Prices closed near the session high today and hit another fresh contract high and all-time high of $80.20 a barrel. Bulls still have the solid near-term technical advantage. However, my bias is that the upside is limited in crude at present high price levels. Reason: A U.S.
economic recession is looming and it's likely that all the bullish fundamental news has already been factored into the market. The next upside price objective for the bulls is producing a close above resistance at $85.00 a barrel. The next downside price objective for the bears is producing a close below solid technical support at $77.00 a barrel.
First resistance is seen at today's contract high of $80.20 and then at $81.00. First support is seen at $79.00 and then at $78.00. Wyckoff's Market Rating: 9.0.
October heating oil closed down 1 point at $2.2190 today.
Prices closed near mid-range today and hit a fresh contract high. Bulls still have solid upside technical momentum.
Their next upside price objective is closing prices above solid resistance at $2.2500. Bears' next downside price objective is producing a close below solid technical support at $2.1400. First support lies at today's low of
$2.1926 and then at $2.1771. First resistance is seen at today's contract high of $2.2347 and then at $2.2500.
Wyckoff's Market Rating: 8.5.
Source: VantagePoint Intermarket Analysis Software
October (RBOB) unleaded gasoline closed up 304 points at
$2.0464 today. Prices today closed nearer the session high and hit another fresh two-month high today. Bulls still have the near-term technical advantage and gained more momentum today. The next upside price objective for the bulls is closing prices above solid resistance at the July high of $2.1297. Bears' next downside price objective is closing prices below support at $2.0000. First resistance is seen at today's high of $2.0625 and then at $2.0800.
First support is seen at $2.0200 and then at $2.0000.
Wyckoff's Market Rating: 8.0.
October natural gas closed down 40.9 cents at $6.029 today.
Prices closed near the session low today and gave back Wednesday's sharp gains amid a bearish weekly gas storage report. Bulls today faded as quickly as they had gained momentum yesterday. Still, a bullish "key reversal" up on the daily bar chart has been confirmed this week. That is still a strong clue that a market low is now in place. The next downside price objective for the bears is closing prices below psychological support at $5.80. The next upside price objective for the bulls is closing prices above solid resistance at today's high of $6.49. First resistance is seen at $6.20 and then at $6.30. First support is seen at today's low of $6.00 and then at $5.90.
Wyckoff's Market Rating: 3.0.
Source:
VantagePoint Intermarket Analysis Software
Read Other
Recent Articles by Jim Wyckoff
