ENERGIES: April crude oil closed up $3.49 at $101.46 a
barrel today. Prices closed nearer the session high today
and made sharp gains due to the Middle East unrest and
fresh threats by Libya's military as well as unrest in
Bahrain. The crude oil bulls have the overall near-term
technical advantage and regained upside momentum today.
The next near-term upside price breakout objective for
the bulls is producing a close above strong technical
resistance at the recent high of $106.95 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 this week's low of $96.22. First
resistance is seen at $102.00 and then at $102.50. First
support is seen at $101.00 and then at $100.00. Wyckoff's
Market Rating: 7.0.
April heating oil closed up 629 points at $3.0601 today.
Prices closed nearer the session high today. Bulls have
the overall near-term technical advantage and regained
upside momentum today. The bulls' next upside price
breakout objective is closing prices above solid
technical resistance at the March high of $3.1372. Bears'
next downside price breakout objective is producing a
close below solid technical support at this week's low of
$2.9160. First resistance lies at today's high of $3.0808
and then at $3.1000. First support is seen at $3.0250 and
then at $3.0000. Wyckoff's Market Rating: 7.5.
April unleaded gasoline closed up 1,066 points at
$2.9503. Prices closed nearer the session high today and
bulls have quickly regained upside technical momentum.
Bulls have the solid overall near-term technical
advantage. The next upside price breakout objective for
the bulls is closing prices above solid technical
resistance at the March high of $3.0936. Bears' next
downside price breakout objective is closing prices below
solid support at this week's low of $2.7730. First
resistance is seen at today's high of $2.9663 and then at
$3.0000. First support is seen at $2.9000 and then at
$2.8750. Wyckoff's Market Rating: 7.5.
April natural gas closed up 21.8 cents at $4.156 today.
Prices closed near the session high today and hit a fresh
five-week high. Bulls gained fresh upside technical
momentum today. The nuclear problems in Japan have many
taking a very close look at the natural gas market and
its demand prospects going forward. A six-week-old
downtrend on the daily bar chart was soundly negated
today. The next upside price breakout objective for the
bulls is closing prices above solid technical resistance
at $4.30. The next downside price breakout objective for
the bears is closing prices below solid technical support
at $3.90. First resistance is seen at today's high of
$4.168 and then at $4.20. First support is seen at $4.10
and then at $4.00. Wyckoff's Market Rating: 5.0.
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