July crude oil closed up $5.99 at $128.29 a barrel yesterday. Prices closed near the session low high after hitting a fresh three-week low early on yesterday. yesterday's gains were the biggest one-day gain ever in the crude oil market. Prices scored a big and bullish "outside day" up on the daily bar chart yesterday. A weaker U.S. dollar was bullish for crude yesterday. It seems that in this market, just when the bears are poised to take near-term technical control of the market, the bulls come charging back hard. The next upside price objective for the crude oil bulls is to produce a close solid technical resistance at $130.00. 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 $129.00 and then at $130.00. First support is seen at $127.50 and then at $125.00.
Wyckoff's Market Rating: 8.0
JULY HEATING OIL
July heating oil closed up 1,406 points at $3.6864 yesterday. Prices closed near the session high yesterday after hitting a fresh four-week low early on. yesterday's price action also scored a bullish "outside day" up on the daily bar chart.Bulls still have the overall technical advantage. The bulls' next upside price objective is closing prices above technical resistance at this week's high of $3.7640. Bears' next downside price objective is producing a close below solid technical support at yesterday's low of $3.5350. First resistance lies at $3.7000 and then at of $3.7250. First support is seen at $3.6500 and then at $3.6000.
July (RBOB) unleaded gasoline closed up 1,390 points at $3.3341 yesterday. Prices closed near the session high yesterday and regained most of Wednesday's big losses. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $3.4585. Bears' next downside price objective is closing prices below solid support at yesterday's low of $3.1760. 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: 8.0
JULY NATURAL GAS
July natural gas closed up 14.7 cents at $12.526 yesterday. Prices closed nearer the session high and set another fresh contract high yesterday. Nat gas bulls have the overall near- term technical advantage amid no technical clues of a market top being close at hand. The next upside price objective for the bulls is closing prices above resistance at $13.00. The next downside price objective for the bears is closing prices below solid technical support at $12.00. First resistance is seen at yesterday's contract high of $12.545 and then at $12.60. First support is seen at yesterday's low of $12.312 and then at $12.200.
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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