July crude oil closed up $0.47 at $136.85 a barrel yesterday. Prices closed nearer the session high again yesterday amid highly volatile trading. Recent price action has shown a marked increase in intra-day price volatility. That is a warning signal of a very mature market that could be close to a top. The next upside price objective for the crude oil bulls is to produce a close solid technical resistance at the contract high of $139.12. The next downside price objective for the bears is producing a close below solid technical support at $130.00 a barrel. First resistance is seen at yesterday's high of $137.46 and then at $139.12. First support is seen at $135.00 and then at $134.00.
Wyckoff's Market Rating: 8.5
JULY HEATING OIL
July heating oil closed down 323 points at $3.9425 yesterday. Prices closed near mid-range. Bulls still have the overall technical advantage. The bulls' next upside price objective is closing prices above technical resistance at the contract high of $4.0338. Bears' next downside price objective is producing a close below solid technical support at $3.8000. First resistance lies at $4.0338 and then at of $4.1000. First support is seen at $3.9000 and then at yesterday's low of $3.8410.
July (RBOB) unleaded gasoline closed up 562 points at $3.5220 yesterday. Prices closed nearer the session high yesterday. The next upside price objective for the bulls is closing prices above solid resistance at the contract high of $3.5650. Bears' next downside price objective is closing prices below solid support at yesterday's low of $3.3692. First resistance is seen at yesterday's high of $3.5350 and then at the contract high of $3.5650. First support is seen at $3.4585 and then at $3.4000.
Wyckoff's Market Rating: 8.5
JULY NATURAL GAS
July natural gas closed up 14.5 cents at $12.805 yesterday. Prices closed nearer the session high yesterday and set another fresh contract high. Nat gas bulls still 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 this week's low of $12.367. First resistance is seen at yesterday's contract high of $12.888 and then at $13.00. First support is seen at yesterday's low of $12.543 and then at $12.367.
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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