Free Trial

NYMEX HO: (U17) Supported Ahead Of........>

OIL TECHS
OIL TECHS: NYMEX HO: (U17) Supported Ahead Of 200-DMA
*RES 4: $1.7005 - Monthly High Apr 12
*RES 3: $1.6803 - Low Apr 12 now resistance
*RES 2: $1.6765 - High Aug 1
*RES 1: $1.6629 - High Aug 3
*PRICE: $1.6536 @ 0430GMT
*SUP 1: $1.6509 - Hourly support Aug 9
*SUP 2: $1.6433 - Hourly support Aug 9a 
*SUP 3: $1.6238 - Hourly support Aug 9b
*SUP 4: $1.6128 - Low Aug 9
*COMMENTARY: Bears have again failed to capitalise on a dip with the contract
continuing to find support on dips back towards the 200-DMA ($1.6019). Layers of
support $1.5712-1.6128 remain key with bears needing a close below to confirm
breaks of key DMAs and the bull channel base ($1.5792) and shift immediate focus
to 55 & 100-DMAs ($1.5154-1.5432). The $1.6629 resistance remains key with bulls
needing a close above to shift focus back to $1.6803-1.7005.

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.