Free Trial

NYMEX HO: (K18) Bulls Need Close Above....>

OIL TECHS
OIL TECHS: NYMEX HO: (K18) Bulls Need Close Above 100-DMA
*RES 4: $1.9937 - High Feb 26
*RES 3: $1.9767 - Bollinger band top
*RES 2: $1.9619 - 55-DMA
*RES 1: $1.9280 - 100-DMA
*PRICE: $1.9189 @ 0430GMT
*SUP 1: $1.9104 - Hourly support Mar 19
*SUP 2: $1.9005 - Low Mar 19
*SUP 3: $1.8857 - Low Mar 15
*SUP 4: $1.8705 - Low Mar 14
*COMMENTARY: The 100-DMA remains key resistance. Bulls look for a close above
the 100-DMA to shift focus to $1.9619-2.0129 where the 55-DMA is situated. Daily
studies correcting from modestly O/S levels add to bullish confidence. Bears now
need a close below $1.9005 to ease pressure on the 100-DMA and below $1.8857 to
shift initial focus back to $1.8442 March lows so far.

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.