August crude oil closed down $5.10 at $129.50 a barrel yesterday. Prices closed near the session low and hit a fresh five-week low yesterday. The past three days of losses are the largest three-day declines in the history of crude oil futures trading. Serious near-term chart damage has been inflicted to begin to suggest that at least a near- term market top is in place. The next upside price objective for the crude oil bulls is to produce a close above technical resistance at $135.00. 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 $132.50 and then at $133.50. First support is seen at yesterday's low of $129.00 and then at $127.50.
Wyckoff's Market Rating: 5.0
AUGUST HEATING OIL
August heating oil closed down 939 points at $3.7471 yesterday. Prices closed near the session low yesterday and hit a fresh three-week low. Bulls still have the overall technical advantage but are fading badly. The bulls' next upside price objective is closing prices above technical resistance at $4.0000. Bears' next downside price objective is producing a close below solid technical support at $3.7000. First resistance lies at $3.8000 and then at $3.8500. First support is seen at yesterday's low of $3.7320 and then at $3.7000.
August (RBOB) unleaded gasoline closed down 1,144 points at $3.1650 yesterday. Prices closed nearer the session low yesterday and hit another fresh five-week low. Bulls but have faded badly this week as serious near-term chart damage has been inflicted. The next upside price objective for the bulls is closing prices above solid resistance at $3.3000. Bears' next downside price objective is closing prices below solid support at the June low of $3.1475. First resistance is seen at $3.2000 and then at $3.2500. First support is seen at $3.1475 and then at $3.1000.
Wyckoff's Market Rating: 5.0
AUGUST NATURAL GAS
August natural gas closed down 84.3 cents at $10.555 yesterday. Prices hit a fresh three-month low yesterday amid bearish "outside markets"--namely sharply lower crude oil prices.Serious chart damage has occurred to suggest a market top is in place. Prices are in a steep two-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is closing prices above resistance at $11.00. The next downside price objective for the bears is closing prices below solid technical support at $10.00. First resistance is seen at $10.70 and then at $11.00. First support is seen at yesterday's low of $10.464 and then at $10.25.
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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