ENERGIES: October crude oil closed up $0.10 a
barrel at $88.91 today. Prices closed near mid-
range today and poked to another fresh three-week
high. The bulls have gained upside technical
momentum this week. Prices have been trending
higher for three weeks. The next near-term upside
price breakout objective for the bulls is producing
a close above solid technical resistance at $90.00
a barrel. The next near-term downside price
breakout objective for the crude oil bears is to
produce a close below solid technical support at of
$82.95. First resistance is seen at $90.00 and then
at $91.00. First support is seen at $88.00 and then
at $87.50. Wyckoff's Market Rating: 5.5.
October heating oil closed down 308 points at
$3.0535 today. Prices closed near the session low
and saw some profit taking. Bulls still have the
near-term technical advantage. The bulls' next
upside price breakout objective is closing prices
above solid technical resistance at the August high
of $3.2068. Bears' next downside price breakout
objective is producing a close below solid
technical support at $2.9500. First resistance lies
at this week's high of $3.0947 and then at $3.1250.
First support is seen at $3.0250 and then at
$3.0000. Wyckoff's Market Rating: 6.0.
October unleaded gasoline closed up 142
points at $2.8905. Prices closed near mid-range
today and hit a fresh four-week high. The bulls
have the near-term technical advantage and have
gained fresh upside momentum this week. The next
upside price breakout objective for the bulls is
closing prices above solid technical resistance at
$3.0000. Bears' next downside price breakout
objective is closing prices below solid support at
this week's low of $2.7430. First resistance is
seen at today's high of $2.9186 and then at
$2.9500. First support is seen at today's low of
$2.8525 and then at $2.8250. Wyckoff's Market
Rating: 6.5.
October natural gas closed down 1.6 cents at $4.038
today. Prices closed near mid-range today and hit
another fresh two-week high. Bears still have the
near-term technical advantage. The next upside
price breakout objective for the bulls is closing
prices above solid technical resistance at $4.159.
The next downside price breakout objective for the
bears is closing prices below solid technical
support at the contract low of $3.78. First
resistance is seen at today's high of $4.13 and
then at $4.159. First support is seen at $4.00 and
then at $3.95. Wyckoff's Market Rating: 2.0.
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