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: $0.8855 - Low Apr 20
*RES 1: $0.8144 - High Apr 23
*PRICE: $0.7097@ 07:52 GMT Apr 24
*SUP 1: $0.6725 - Low Apr 22 and bear trigger
*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: $0.5000 - Round number support
HO remains bearish and further weakness is likely. Resistance has been defined
at $0.8144, yesterday's high. While this resistance remains intact, a bearish
tone dominates overall following Tuesday's sharp losses. Futures are softer
again this morning and attention turns to this week's low of $0.6725. A break
would confirm a resumption of the underlying downtrend. On the upside, clearance
of $0.8144 would instead open $0.8855.

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.