December crude oil closed down $1.87 at $77.71 a barrel yesterday. Prices closed nearer the session low yesterday amid a rebound in the U.S. dollar index and solidly lower U.S. stock index futures prices. Crude oil bulls still have the overall near-term technical advantage. However, the bulls do not want to see a bearish weekly low close on Friday. The next downside price objective for the crude oil bears is to produce a close below solid technical support at last week's low of $75.57. The next upside price objective for the bulls is producing a close above solid technical resistance at the October high of $82.00 a barrel. First resistance is seen at $78.00 and then at $79.00. First support is seen at yesterday's low of $77.06 and then at $76.50.
December heating oil closed down 476 points at $2.0010 yesterday. Prices closed nearer the session low again yesterday. Bulls still have the overall near-term technical advantage. However, prices are still trending lower from the October high. The bulls' next upside price objective is closing prices above solid technical resistance at $2.1000. Bears' next downside price objective is producing a close below solid technical support at last week's low of $1.9504. First resistance lies at $2.0250 and then at $2.0500. First support is seen at yesterday's low of $1.9845 and then at $1.9750.
Wyckoff's Market Rating: 6.0.
December unleaded gasoline closed down 381 points at $.19733 yesterday. Prices closed nearer the session low yesterday. Bulls still have the overall near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at the October high of $2.1015. Bears' next downside price objective is closing prices below solid support at the November low of $1.9026. First support is seen at yesterday's low of $1.9556 and then at $1.9250. First resistance is seen at $2.0000 and then at yesterday's high of $2.0204.
Wyckoff's Market Rating: 6.0.
December natural gas closed up 8.9 cents at $4.343 yesterday. Prices closed near the session high after hitting a fresh contract low early on yesterday. Short covering in a bear market was seen yesterday. Serious near-term chart damage has occurred recently. Bears have the solid near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at this week's high of $4.578. The next downside price objective for the bears is closing prices below psychological support at $4.00. First resistance is seen at $4.50 and then at $4.578. First support is seen at yesterday's contract low of $4.157 and then at $4.10.
