Free Trial

NYMEX HO: (G18) Bears Need Close Below....>

OIL TECHS
OIL TECHS: NYMEX HO: (G18) Bears Need Close Below Channel Base
*RES 4: $1.9808 - High Dec 12
*RES 3: $1.9719 - Bollinger band top
*RES 2: $1.9644 - Alternating support/resistance
*RES 1: $1.9527 - High Dec 20
*PRICE: $1.9444 @ 0430GMT
*SUP 1: $1.9243 - 21-DMA
*SUP 2: $1.9147 - Hourly support Dec 18
*SUP 3: $1.9032 - Low Dec 15
*SUP 4: $1.9005 - Daily Bull channel base (off June 26 Low)
*COMMENTARY: Fresh 2017 & 2+ year highs lacked follow through and left the
contract looking a little heavy. The bounce from around the bull channel base is
less than ideal for bears with bulls with focus now having returned to $1.9808.
Bears need a close below the channel base to ease bullish pressure and below
$1.8615 to hint at a move back to $1.7595-1.7907 with below $1.8383 to confirm.

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.