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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.
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Free Access(F3) Trading Below Last Week’s Highs
- RES 4: $89.20 - High Nov 11
- RES 3: $86.90 - High Nov 16
- RES 2: $80.35 - 50-day EMA
- RES 1: $76.89/77.77 - 20-day EMA / High Dec 15
- PRICE: $75.51 @ 06:30 GMT Dec 20
- SUP 1: $73.21/70.08 - Low Dec 13 / 9 and the bear trigger
- SUP 2: $68.86 - 1.236 proj of the Aug 30 - Sep 28 - Nov 7 price swing
- SUP 3: $66.06 - 1.382 proj of the Aug 30 - Sep 28 - Nov 7 price swing
- SUP 4: $63.80 - 1.50 proj of the Aug 30 - Sep 28 - Nov 7 price swing
Trend conditions in WTI futures remain bearish. Recent gains however, have highlighted a bullish corrective cycle and last week this resulted in a test of the 20-day EMA, at $76.89 today. A clear break of this hurdle would signal scope for an extension and open $80.35, the 50-day EMA. On the downside, a stronger reversal lower would refocus attention on the bear trigger which lies at $70.08, the Dec 9 low.
To read the full story
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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.