Free Trial

Crude oil has moved within a $0.26 tick range...>

OIL
OIL: Crude oil has moved within a $0.26 tick range on the Asia-Pac session, on
the overnight session however making heavy gains after Baker Hughes rig count
figures came in lower than prior and news from OPEC and allies saying options
are open to rebalance the market. Crude oil was last at $52.07. 
- MNI technical analysis sees support at $51.87 - Hourly support Oct 20 and
resistance at $52.24 - Hourly resistance Oct 23. Topside hesitation ahead of the
$52.65-53.11 region is less than ideal for bulls who need a close above to shift
focus to $53.73-55.03 where the bull channel top ($54.84) is located. Bulls take
comfort on the bounce from ahead of the 200-DMA ($50.69). Layers of support
remain $48.65-50.87. Bears need a close below the 200-DMA to gain breathing room
and below the 55-DMA ($50.00) to pressure $48.65-49.44. 

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.