July crude oil closed down $2.57 at $130.60 a barrel yesterday. Prices closed near the session low after hitting another record all-time high of $135.09 early on yesterday. Profit-taking pressure was featured yesterday, amid a stronger U.S. dollar. While the crude bulls still have the strong overall near-term technical advantage, the market feels "toppy" to me. The next upside price objective for the crude oil bulls is to produce a close solid technical resistance at $135.09. The next downside price objective for the bears is producing a close below solid technical support at $125.00 a barrel. First resistance is seen at $132.50 and then at $134.00. First support is seen at $130.00 and then at $129.00.
Wyckoff's Market Rating: 8.5
JULY HEATING OIL
July heating oil closed up 478 points at $3.9736 yesterday. Prices closed near mid-range but did set another fresh contract and all-time record high yesterday. Bulls still have the overall technical advantage. The bulls' next upside price objective is closing prices above technical resistance at $4.0500. Bears' next downside price objective is producing a close below solid technical support at $3.8000. First resistance lies at yesterday's contract high of $4.0338 and then at $4.0500. First support is seen at yesterday's low of $3.9273 and then at $3.9000.
July (RBOB) unleaded gasoline closed down 733 points at $3.3145 yesterday. Prices closed near the session low yesterday after hitting another fresh contract and all-time high early on. The bulls still have the strong overall technical advantage. The next upside price objective for the bulls is closing prices above solid resistance at yesterday's contract high of $3.4300. Bears' next downside price objective is closing prices below solid support at $3.2500. First resistance is seen at $3.3500 and then at $3.4000. First support is seen at $3.3000 and then at $3.2500.
Wyckoff's Market Rating: 8.5
JULY NATURAL GAS
July natural gas closed up 5.0 cents at $11.83 yesterday. Prices closed near mid-range yesterday and did hit a fresh contract high. Gains were limited by weaker crude oil prices yesterday. Nat gas bulls still have the overall near- term technical advantage. The next upside price objective for the bulls is closing prices above psychological resistance at $12.00. The next downside price objective for the bears is closing prices below solid technical support at $11.00. First resistance is seen at $12.00 and then at $12.25. First support is seen at yesterday's low of $11.629 and then at $11.50.
Jim Wyckoff became a financial journalist with
Futures World News for many years, cutting his teeth
as a reporter on the futures trading floors in
Chicago and New York, where he covered every futures
market traded in the United States at one time or
another including commodity futures trading in Softs and Metals. Click here for full
bio >>
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