Free Trial

NYMEX HO (K20): Path Of Least.............>

OIL TECHS
OIL TECHS: NYMEX HO (K20): Path Of Least Resistance Still Down
*RES 4: $0.9795 - High Apr 17 and key near-term resistance
*RES 3: $0.9184 - High Apr 21
*RES 2: $0.8000 - Round number resistance
*RES 1: $0.7705 - Intraday high
*PRICE: $0.6944 @ 08:08 GMT Apr 22
*SUP 1: $0.6725 - Intraday low
*SUP 2: $0.6000 - Psychological round number
*SUP 3: $0.5684 - 2.236 projection of Jan 8 - Feb 4 sell-off from Feb 20 high
*SUP 4: $0.4938 - 2.382 projection of Jan 8 - Feb 4 sell-off from Feb 20 high
HO remains bearish and further weakness is likely. Yesterday's sharp losses to
fresh 2020 lows confirms a resumption of this year's downtrend. Furthermore, the
break of $80.00 is also weighing on sentiment now that this psychological level
has been cleared. Potential is seen for a move towards $60.00 next and $56.84, a
Fibonacci projection level. Initial resistance is at $77.05, today's intraday
high.

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.