March crude oil closed up $0.37 a barrel at $99.77 yesterday. Prices closed nearer the session low yesterday and were mildly supported by a weaker U.S. dollar index yesterday. Crude oil bulls have the overall near-term technical advantage. However, the going does get tough for the bulls once prices move above the key $100.00 level. The next near-term upside price breakout objective for the crude oil bulls is producing a close above solid technical resistance at the January high of $103.90 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 $95.00. First resistance is seen at $100.00 and then at yesterday's high of $101.39 and then at $102.00. First support is seen at $99.00 and then at $98.00.

Wyckoff's Market Rating: 6.5.

Source: VantagePoint Intermarket Analysis Software

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March heating oil closed up 365 points at $3.0469 yesterday. Prices closed nearer the session high yesterday. Bulls have the overall near-term technical advantage. The bulls' next upside price breakout objective is closing prices above solid technical resistance at the January high of $3.1286. Bears' next downside price breakout objective is producing a close below solid technical support at $2.9500. First resistance lies at yesterday's high of $3.0580 and then at $3.0750. First support is seen at yesterday's low of $3.0232 and then at $3.0000.

Wyckoff's Market Rating: 6.5.

March unleaded gasoline closed up 140 points at $2.8514 yesterday. Prices closed near mid-range yesterday and hit a fresh six-month high. Bulls have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the August high of $2.9525. Bears' next downside price breakout objective is closing prices below solid support at $2.7225. First resistance is seen at yesterday's high of $2.8700 and then at $2.9000. First support is seen at yesterday's low of $2.8360 and then at $2.8000.

Wyckoff's Market Rating: 7.0.

March natural gas closed down 12.2 cents at $2.647 yesterday. Prices closed nearer the session low yesterday and scored a bearish "outside day" down on the daily bar chart. The bulls were gaining some upside technical momentum but saw a setback yesterday. Bears have the overall near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above major psychological resistance at $3.00. The next downside price breakout objective for the bears is closing prices below solid technical support at this week's contract low of $2.289. First resistance is seen at yesterday's high of $2.838 and then at $2.90. First support is seen at yesterday's low of $2.588 and then at $2.50.

Wyckoff's Market Rating: 2.0.

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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.