Free Trial

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

OIL TECHS
OIL TECHS: NYMEX HO: (M18) Bears Need Close Below $2.1836
*RES 4: $2.4358 - High Nov 21 2014 (Cont)
*RES 3: $2.3514 - 2015 High Feb 27 2015
*RES 2: $2.2466 - Daily Bull channel top
*RES 1: $2.2339 - 2018 High May 10
*PRICE: $2.2154 @ 0430GMT
*SUP 1: $2.1836 - Hourly support May 8
*SUP 2: $2.1549 - Hourly resistance May 8 now support
*SUP 3: $2.1333 - 21-DMA
*SUP 4: $2.1306 - Hourly support May 8
*COMMENTARY: Support emerging on dips back towards the 21-DMA continues to
provide the impetus for fresh 2018 & 3+Yr highs. Bulls reconfirm dominance and
focus on $2.2466 where the bull channel top is located. Bears now look for a
close below $2.1836 to gain breathing room and below $2.1306 to confirm a break
of the 21-DMA and hint at a move back to $2.0414. The Bollinger top ($2.2225) is
the key concern for bulls.

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.