JULY CRUDE OIL

July crude oil closed up $2.98 at $74.49 a barrel yesterday. Prices closed near the session high yesterday and saw more short covering and some fresh speculative buying yesterday. The bears this week appear to have become exhausted from the steep price downtrend recently. Yesterday's solidly higher close is an early technical clue to suggest a market bottom is in place in crude. The next upside price objective for the bulls is producing a close above solid technical resistance at $80.00 a barrel. The next downside price objective for the crude oil bears is to produce a close below solid technical support at this week's low of $67.15. First resistance is seen at $75.00 and then at $76.00. First support is seen at $74.00 and then at $73.00.

Wyckoff's Market Rating: 5.0.

Source: VantagePoint Intermarket Analysis Software

JULY HEATING OIL

July heating oil closed up 762 points at $2.0086 yesterday. Prices closed near the session high yesterday on more short covering and fresh speculative buying. Bears still have the slight near-term technical advantage. The bulls' next upside price objective is closing prices above solid technical resistance at $2.1500. Bears' next downside price objective is producing a close below solid technical support at this week's low of $1.8483. First resistance lies at $2.0250 and then at $2.0500. First support is seen at $1.9750 and then at $1.9500.

Wyckoff's Market Rating: 4.5.

JULY GASOLINE

July (RBOB) unleaded gasoline closed up 747 points at $2.0395. Prices closed nearer the session high yesterday and saw more short covering. The bears still have the slight near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.1500. Bears' next downside price objective is closing prices below solid support at this week's low of $1.8888. First resistance is seen at $2.0500 and then at $2.0750. First support is seen at $2.0000 and then at $1.9750.

Wyckoff's Market Rating: 4.5.

JULY NATURAL GAS

July natural gas closed up 12.2 cents at $4.301 yesterday. Prices closed near the session high yesterday and saw more short covering in a bear market. The bears 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 May high of $4.587. The next downside price objective for the bears is closing prices below solid technical support at the May low of $3.971. First resistance is seen at $4.43 and then at $4.50. First support is seen at yesterday's low of $4.154 and then at this week's low of $4.036.

Wyckoff's Market Rating: 2.5.

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