Free Trial

NYMEX HO (Q20): Bulls Still In Charge.....>

OIL TECHS: NYMEX HO (Q20): Bulls Still In Charge
*RES 4: $1.4000 - Round number resistance
*RES 3: $1.3344- High Mar 11 and gap low on the daily chart
*RES 2: $1.2866 - 38.2% of the Jan - Apr Sell-off
*RES 1: $1.2583 - High Jul 6 and the bull trigger
*PRICE: $1.2365 @ 08:11 GMT Jul 13
*SUP 1: $1.1796 - Trendline support drawn off the Apr 28 low
*SUP 2: $1.1296 - Low Jun 29
*SUP 3: $1.0780 - Low Jun 12 and the key reversal trigger
*SUP 4: $1.0424 - Low Jun 1
HO futures managed a fresh trend high print early last week trading above the
former trend resistance of $1.2534, Jun 23 high. The break higher does confirm a
resumption of the uptrend and paves the way for a climb towards $1.2866, a
Fibonacci retracement level. Price has also remained above trendline support
drawn off the Apr 28 low. The line intersects at $1.1796. A trendline break is
required to highlight a reversal.

To read the full story

Why Subscribe to


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.