Free Trial

NYMEX HO (J19) Bulls Closing in on The....>

OIL TECHS
OIL TECHS: NYMEX HO (J19) Bulls Closing in on The $2.0 Level
*RES 4: $2.2206 - High Nov 8
*RES 3: $2.0555 - 200-dma
*RES 2: $2.0479 - High Mar 1
*RES 1: $2.0141 - High Mar 20
*PRICE: $1.9737 @ 06:13 GMT Mar 28
*SUP 1: $1.9349/9302 - Low Mar 22/High Feb 4
*SUP 2: $1.9111 - 100-dma
*SUP 3: $1.8625 - Low Feb 7
*SUP 4: $1.8311 - Low Jan 28
Heating oil futures remain in a consolidation pattern and keeps the broader
uptrend intact. Bulls now look for a close back above $2.0 to return the focus
to the March 20 high at $2.0141. Above here would suggest a potential bull flag
breakout opening the March 1 high at $2.0479 ahead of the 200-dma which crosses
at $2.0555. Below Friday's low at $1.9349, and the Feb 4 high at $1.9302, would
bring the 100-dma back into view at $1.9111.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.