MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(G2) Bounce Considered Corrective

WTI TECHS
  • RES 4: $77.59 - High Nov 26
  • RES 3: $74.54 - 61.8% retracement of the Oct - Dec sell-off
  • RES 2: $73.06/13 - 50-day EMA / High Dec 9
  • RES 1: $71.77 - Intraday high
  • PRICE: $71.22 @ 07:13 GMT Dec 22
  • SUP 1: $68.56/66.12 - Low Dec 21 / Low Dec 20
  • SUP 2: $65.45 - Low Dec 3
  • SUP 3: $62.26 - Low Dec 2 and the bear trigger
  • SUP 4: $60.52 - Low Aug 20 and a key support

WTI futures have recovered from Monday’s low of $66.12. Despite the recovery, a bearish threat remains present. The recent move lower has resulted in a breach of support at $69.21 and this signals scope for a sell-off towards $65.45, the Dec 3 low and more importantly towards the key support at $62.26, the Dec 2 low. On the upside, key near-term resistance is seen at $73.13, the Dec 9 high and is just above the 50-day EMA at $73.06.

Energy BulletsCommodities
Energy BulletsCommodities

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.