Free Trial

NYMEX HO: (F18) 55-DMA Confirms...........>

OIL TECHS
OIL TECHS: NYMEX HO: (F18) 55-DMA Confirms Significance
*RES 4: $2.0329 - High May 13 2015
*RES 3: $2.0318 - Daily Bull channel top
*RES 2: $1.9998 - High May 21 2015
*RES 1: $1.9763 - Bollinger band top
*PRICE: $1.9628 @ 0430GMT
*SUP 1: $1.9430 - Hourly support Dec 11
*SUP 2: $1.9262 - 21-DMA
*SUP 3: $1.9187 - Low Dec 11
*SUP 4: $1.8994 - High Dec 7 now support
*COMMENTARY: The bounce from the 55-DMA last week has resulted in fresh 2017 and
2 year highs with bulls now focused on tests of the daily bull channel top.
Daily studies have room to move before O/B is an issue. Bears now need a close
below $1.9430 to ease bullish pressure and below $1.8994 to pressure the bull
channel base ($1.8701) and 55-DMA ($1.8644. Overall below $1.8400 is needed to
end bullish hopes and initially focus on the 100-DMA ($1.7793).

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.