May crude oil closed lower due to profit taking on Thursday as it consolidates some of Wednesday’s rally. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If May renews the rally off February’s low, January’s high crossing at 85.43 is the next upside target. Closes below Monday’s low crossing at 79.41 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 83.47. Second resistance is January’s high crossing at 85.43. First support is the 20-day moving average crossing at 81.03. Second support is Monday’s low crossing at 80.89.

Source: VantagePoint Intermarket Analysis Software

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May heating oil closed lower due to profit taking on Thursday as it consolidates some of the rally off February’s low. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are diverging but have turned bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February’s low, the 87% retracement level of the January-February decline crossing at 217.90 is the next upside target. Closes below Monday’s low crossing at 205.51 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 215.60. Second resistance is the 87% retracement level of the January-February decline crossing at 217.90. First support is the 20-day moving average crossing at 209.11. Second support is Monday’s low crossing at 205.51.

May unleaded gas posted an inside day with a lower close on Thursday as it consolidated some of Wednesday’s rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are diverging but have turned bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February’s low, the 50% retracement level of the 2008-2009-decline crossing at 252.92 is the next upside target. Closes below Monday’s low crossing at 220.56 are needed to confirm that a top has been posted. First resistance is Wednesday’s high crossing at 231.35. Second resistance is the 50% retracement level of the 2008-2009-decline crossing at 252.92. First support is the 20-day moving average crossing at 223.85. Second support is Monday’s low crossing at 220.57.

May Henry natural gas closed sharply lower on Thursday and below weekly support crossing at 4.157 as it extends this winter’s decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this winter’s decline, weekly support crossing at 4.035 is the next downside target. Closes above the 20-day moving average crossing at 4.671 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 4.483. Second resistance is the 20-day moving average crossing at 4.671. First support is today’s low crossing at 4.119. Second support is weekly support crossing at 4.035.

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Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years.  He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies.  He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.