JANUARY CRUDE OIL

January crude oil closed down $0.20 at $70.47 a barrel yesterday. Prices closed near mid-range yesterday and hit another fresh two-month low. Serious near-term chart damage has occurred recently to suggest a near-term market top is in place. Crude prices are in a seven-week-old downtrend on the daily bar chart. The next downside price objective for the crude oil bears is to produce a close below solid technical support at the September low of $66.10. The next upside price objective for the bulls is producing a close above solid technical resistance at $76.00 a barrel. First resistance is seen at yesterday's high of $71.39 and then at $72.00. First support is seen at yesterday's low of $69.81 and then at $69.00.

Wyckoff's Market Rating: 4.0.

Source: VantagePoint Intermarket Analysis Software

JANUARY HEATING OIL

January heating oil closed down 76 points at $1.9017 yesterday. Prices closed nearer the session low again yesterday and hit another fresh two-month low. Prices are in a seven-week-old downtrend on the daily bar chart. Serious near-term chart damage has occurred to suggest a market top is in place. The bulls' next upside price objective is closing prices above solid technical resistance at $2.0500. Bears' next downside price objective is producing a close below solid technical support at the September low of $1.7564. First resistance lies at yesterday's high of $1.9281 and then at $1.9500. First support is seen at yesterday's low of $1.8871 and then at $1.8500.

Wyckoff's Market Rating: 4.0.

JANUARY GASOLINE

January (RBOB) unleaded gasoline closed down 245 points at $1.8328 yesterday. Prices closed nearer the session low yesterday and hit another fresh two-month low. Bears have the near-term technical advantage. The next upside price objective for the bulls is closing prices above solid technical resistance at $1.9500. Bears' next downside price objective is closing prices below solid support at $1.7500. First support is seen at yesterday's low of $1.8240 and then at $1.8000. First resistance is seen at $1.8500 and then at yesterday's high of $1.8769.

Wyckoff's Market Rating: 4.0.

JANUARY NATURAL GAS

January natural gas closed up 39.4 cents at $5.292 yesterday. Prices closed near the session high yesterday and scored a big and bullish 'outside day' up on the daily bar chart. Prices also hit a fresh six-week high yesterday, amid a cold snap spreading over much of the U.S. Bears still have the slight overall near-term technical advantage. However, a bullish weekly high close on Friday would provide the bulls with fresh upside near-term technical momentum to suggest a market bottom is in place. The next upside price objective for the bulls is closing prices above solid technical resistance at $5.60. The next downside price objective for the bears is closing prices below solid technical support at yesterday's low of $4.837. First resistance is seen at yesterday's high of $5.347 and then at $5.40. First support is seen at $5.20 and then at $5.10.

Wyckoff's Market Rating: 4.0.

MARCH SILVER

March silver futures closed down 33.2 cents at $17.475 an ounce yesterday. Prices closed near mid-range yesterday and hit a fresh four-week low. More profit-taking pressure and long liquidation occurred yesterday. The key 'outside markets' were in a mostly bearish posture for silver yesterday, as the U.S. dollar index was near steady, while crude oil and U.S. stock index prices were lower. Serious near-term chart damage has occurred to begin to suggest a near-term market top is in place for silver. The next downside price objective for the bears is closing prices below solid technical support at $16.73. Bulls' next upside price objective is closing prices above solid technical resistance at this week's high of $18.585 an ounce. First resistance is seen at $17.75 and then at yesterday's high of $17.91. Next support is seen at yesterday's low of $17.135 and then at $17.00.

Wyckoff's Market Rating: 5.5.

MARCH COPPER

March N.Y. copper closed down 280 points at 313.70 cents yesterday. Prices closed nearer the session low yesterday and saw more profit-taking pressure. The key 'outside markets' were in a mostly bearish posture for copper yesterday, as the U.S. dollar index was near steady, while crude oil and U.S. stock index prices were lower. Copper bulls still have the overall near-term technical advantage, but are fading and need to show fresh power soon. The next downside price objective for the bears is closing prices below solid technical support at 300.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at last week's high of 327.50 cents. First resistance is seen at 317.50 cents and then at yesterday's high of 319.20 cents. First support is seen at yesterday's low of 310.65 cents and then at 307.75 cents.

Wyckoff's Market Rating: 6.5.

Jim Wyckoff
TradingEducation.com