Free Trial

NYMEX HO (Q20): Bullish Above Trendline...>

OIL TECHS
OIL TECHS: NYMEX HO (Q20): Bullish Above Trendline Support
*RES 4: $1.4000 - Round number resistance
*RES 3: $1.3344 - High Mar 11 and gap low on the daily chart
*RES 2: $1.3000 - Round number resistance
*RES 1: $1.2910 - High Jul 21
*PRICE: $1.2773 @ 07:00 GMT Jul 23
*SUP 1: $1.2367 - Trendline support drawn off the Apr 28 low
*SUP 2: $1.1994 - Low Jul 10 and key near-term support
*SUP 3: $1.1797 - 50-day EMA
*SUP 4: $1.1296 - Low Jun 29
HO futures traded to fresh trend high Tuesday clearing the former key resistance
at 1.2583, Jul 6 high. This confirmed a resumption of the underlying uptrend and
paves the way for a climb towards the $1.3000 handle next and $1.3344, high Mar
11 and a gap low on the daily chart. Price action has remained above trendline
support drawn off the Apr 28 low. The line intersects at $1.2367 today. A
trendline break is required to signal a reversal.

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.