Free Trial

NYMEX HO: (F19) Contracting Range *RES....>

OIL TECHS
OIL TECHS: NYMEX HO: (F19) Contracting Range
*RES 4: $2.3627 - Low Oct 8, now resistance 
*RES 3: $2.2300 - Resistance 
*RES 2: $2.1451 - 200-dma 
*RES 1: $1.9083 - 21-dma 
*PRICE: $1.8564 @ 05:54 GMT 
*SUP 1: $1.7843 - Low Nov 30 
*SUP 2: $1.7539 - High Jan 3 2016 
*SUP 3: $1.5489 - Low Aug 17, 2017 (continuation chart) 
*SUP 4: $1.3563 - Low June 21, 2017 (continuation chart) 
Jan-19 Heating oil is trading in a contracting range with uptrend support from
the Nov 30 lows acting as support and the 21-dma acting as resistance. A close
below $185 would trigger a trendline break, opening the Nov 30 low at $1.7843.
Below here would extend the selloff to the next downside target which comes in
at the Jan 2016 highs. Bulls need to close above the 21-dma at $1.9083 to shift
the near-term outlook positive and open the 200-dma at $2.1451.

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.