Free Trial

NYMEX HO: (M18) Bears Need Close Below....>

OIL TECHS
OIL TECHS: NYMEX HO: (M18) Bears Need Close Below $2.0909
*RES 4: $2.3257 - Low Nov 14 2014 now resistance
*RES 3: $2.2117 - Daily Bull channel top, High Dec 1 2014
*RES 2: $2.1362 - 2018 High Jan 26 (cont)
*RES 1: $2.1244 - High Apr 19, Bollinger band top
*PRICE: $2.1054 @ 0430GMT
*SUP 1: $2.0909 - Low Apr 19
*SUP 2: $2.0592 - Hourly support Apr 18
*SUP 3: $2.0414 - Low Apr 17
*SUP 4: $2.0322 - 21-DMA
*COMMENTARY: With daily studies at O/B levels and the Bollinger top at $2.1241
topside hesitation ahead of the 2018 highs is less than ideal. Bears now look
for a close below $2.0909 to ease bullish pressure and shift initial focus back
to $2.0321-0592 where the 21-DMA is noted. While $2.0909 supports bulls remain
focused on the close above 2018 highs needed to confirm focus on $2.2117-3257
where a bull channel top and levels last seen in 2014 are located.

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.