Free Trial

NYMEX HO: (M18) Bulls Focused On..........>

OIL TECHS
OIL TECHS: NYMEX HO: (M18) Bulls Focused On $2.2117-3257
*RES 4: $2.3257 - Low Nov 14 2014 now resistance
*RES 3: $2.2373 - Daily Bull channel top
*RES 2: $2.2117 - High Dec 1 2014 (Cont)
*RES 1: $2.1848 - Bollinger band top
*PRICE: $2.1718 @ 0430GMT
*SUP 1: $2.1443 - Hourly support May 4
*SUP 2: $2.1253 - High May 2 now support
*SUP 3: $2.1035 - 21-DMA
*SUP 4: $2.0910 - Low May 1
*COMMENTARY: Support emerging on dips back towards the 21-DMA last week has
provided the impetus for fresh 2018 & 3+Yr highs to start the new week. Bull
reconfirm dominate and focus on $2.2117-3257 where the bull channel top is
located. Bears now look for a close below $2.1443 to gain breathing room and
below the 21-DMA now to hint at a move back to $2.0414. Daily studies are now
well placed for a fresh leg higher.

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.