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Free AccessNYMEX HO: (U17) Bears Need Close Below....>
OIL TECHS: NYMEX HO: (U17) Bears Need Close Below $1.5919
*RES 4: $1.7005 - Monthly High Apr 12
*RES 3: $1.6454 - Monthly High May 25
*RES 2: $1.6375 - Daily Bull channel top
*RES 1: $1.6144 - High July 27
*PRICE: $1.6044 @ 0430GMT
*SUP 1: $1.5919 - Low July 27
*SUP 2: $1.5712 - Low July 26
*SUP 3: $1.5574 - High July 21 now support
*SUP 4: $1.5367 - High July 24 now support
*COMMENTARY: The close above the 200-DMA ($1.6026) and gains above the daily
bear channel top sees bulls now focused on $1.6375-1.6454 where May highs and
the daily bull channel top are located. O/B daily studies and the Bollinger top
remain key concerns for bulls. In saying that, bears need a close below $1.5919
to signal a false break of the 200-DMA and below $1.5712 to shift focus back to
$1.5231-1.5367 where the 21 & 100-DMAs and bull channel base are located.
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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.