March crude oil closed up $1.06 a barrel at $99.80 yesterday. Prices closed nearer the session high yesterday. Crude oil bull have the overall near-term technical advantage and have regained some upside momentum this week. Prices are still in a gentle four-week-old downtrend on the daily bar chart, but now just barely. A higher close on Friday would negate the downtrend line. The next near-term upside price breakout objective for the crude oil bulls is producing a close above psychological technical resistance at $100.00 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 the February low of $95.44. First resistance is seen at $100.00 and then at $101.00. First support is seen at $99.00 and then at $98.00.

Wyckoff's Market Rating: 6.0.

Source: VantagePoint Intermarket Analysis Software

Call now and you will be provided with FREE recent forecasts
that are up to 86% accurate* 800-732-5407
If you would rather have the recent forecasts sent to you, please go here

March heating oil closed up 223 points at $3.2118 yesterday. Prices closed near the session high yesterday and closed at a fresh eight-month high close. Bulls have the solid overall near-term technical advantage and have gained more power this week. The bulls' next upside price breakout objective is closing prices above solid technical resistance at the June 2011 high of $3.2244. Bears' next downside price breakout objective is producing a close below solid technical support at $3.0800. First resistance lies at $3.2224 and then at $3.2500. First support is seen at yesterday's low of $3.1787 and then at $3.1500.

Wyckoff's Market Rating: 8.0.

March unleaded gasoline closed up 365 points at $3.0121 yesterday. Prices closed near the session high yesterday and hit another fresh nine-month high. 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 $3.1000. Bears' next downside price breakout objective is closing prices below solid support at $2.8500. First resistance is seen at yesterday's high of $3.0162 and then at $3.0500. First support is seen at yesterday's low of $2.9760 and then at $2.9500.

Wyckoff's Market Rating: 8.0.

March natural gas closed up 0.19 cents at $2.467 yesterday. Prices closed near mid-range yesterday and saw tepid short covering in a bear market. Bears 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 $2.844. The next downside price breakout objective for the bears is closing prices below solid technical support at the contract low of $2.289. First resistance is seen at this week's high of $2.618 and then at $2.70. First support is seen at this week's low of $2.39 and then at last week's low of $2.34.

Wyckoff's Market Rating: 2.0.

Read More at TraderPlanet.com »

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.