Free Trial

NYMEX HO (N20): Trendline Support.........>

OIL TECHS
OIL TECHS: NYMEX HO (N20): Trendline Support Exposed
*RES 4: $1.2766 - High Mar12
*RES 3: $1.2505 - 38.2% retracement of the Jan - Apr Sell-off
*RES 2: $1.2000 - Round number resistance
*RES 1: $1.1824 - High Jun 8 and the bull trigger
*PRICE: $1.0720 @ 07:16 GMT Jun 12
*SUP 1: $1.0488 - Trendline support drawn off the Apr 28 low
*SUP 2: $1.0084 - Low Jun 1
*SUP 3: $0.9562 - Low May 29 and key support
*SUP 4: $0.9307 - Low May 15
HO traded lower yesterday and remains under pressure for now. Attention is on
the initial key support at $104.88, marking trendline support drawn off the Apr
28 low. A break of this line would threaten the recent bull run and also signal
a possible reversal exposing $95.62, May 29 low. While it holds, pullbacks are
considered corrective. On the upside, key resistance and the bull trigger has
been defined at $118.24, Jun 8 high.

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.