Free Trial

NYMEX HO: (M18) $2.2346 Support Key.......>

OIL TECHS
OIL TECHS: NYMEX HO: (M18) $2.2346 Support Key today
*RES 4: $2.4358 - High Nov 21 2014 (Cont)
*RES 3: $2.3514 - 2015 High Feb 27 2015
*RES 2: $2.2721 - 2018 High May 15
*RES 1: $2.2635 - Bollinger Band Top
*PRICE: $2.2428 @ 0430GMT
*SUP 1: $2.2346 - 2018 High May 11 now support
*SUP 2: $2.2097 - Low May 14
*SUP 3: $2.1836 - Hourly support May 8
*SUP 4: $2.1591 - 21-DMA
*COMMENTARY: Fresh 2018 & 3+yr highs continue although follow through is now
lacking a little. In saying that, bears now look for a close below $2.2346 to
gain breathing room and target a correction back to $2.1523-2.1836 where the
21-DMA is located. Daily studies at O/B levels and the Bollinger top limiting
follow through remain concerns for bulls. Bulls now focus on tests of the 2015
high while $2.2346 supports.

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.