MNI BRIEF: Canadian Firms' Price Plans Lowest In 3 Yrs- CFIB

MNI China Daily Summary: Thursday, June 27

MNI BRIEF: China EU In Close Communication - MOFCOM

MNI BRIEF: China To Hold Key Third Plenum On July 15-18

MNI Brief: China Third Plenum To Deepen Reforms

Core Durables Remain Soft, Reinforcing Subdued Goods Production Outlook

Canada April Payroll Wage Growth Slows To 3.7%, Employment -0.1%

Retail Sales Remain Soft; Large Fall In Construction Confidence In EC Survey

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

(J1) Corrective Cycle

WTI TECHS
  • RES 4: $67.98 - High Mar and the bull trigger
  • RES 3: $66.40 - High Mar 15
  • RES 2: $64.82 - High Mar 18
  • RES 1: $62.68 - 20-day EMA
  • PRICE: $59.37 @ 06:58 Mar 19
  • SUP 1: $58.20 - Low Mar 18
  • SUP 2: $57.31 - Low Feb 12
  • SUP 3: $55.58 - 38.2% retracement of the Nov 2 - Mar 8 rally
  • SUP 4: $53.79 - High Jan 15

WTI futures sold off sharply yesterday confirming a corrective cycle. The trend condition is overbought and the pullback is allowing this to unwind. Yesterday's sell-off breached trendline support drawn off the Nov 2, 2020 low and this reinforces the current bearish theme. Price is also testing the 50-day EMA too, a clear break of the average would open $55.58, the 38.2% retracement of the Nov 2 - Mar 8 rally. Resistance is at $62.68.

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.