Free Trial

NYMEX HO: (V17) $1.7568-1.7860............>

OIL TECHS: NYMEX HO: (V17) $1.7568-1.7860 Resistance Key
*RES 4: $1.8122 - Daily Bull channel top
*RES 3: $1.7983 - High Sept 8
*RES 2: $1.7860 - Hourly support Sept 8 now resistance
*RES 1: $1.7568 - Low Sept 8 now resistance
*PRICE: $1.7416 @ 0430GMT
*SUP 1: $1.7364 - Hourly support Sept 11
*SUP 2: $1.7227 - Low Sept 11
*SUP 3: $1.7149 - Hourly support Sept 5a
*SUP 4: $1.6974 - Low Sept 4
*COMMENTARY: Correcting O/B daily studies are adding weight to the bearish case
for a correction back to $1.6680-1.6974 where the 21-DMA is located. Bears now
look for a close below $1.7227 to add weight to their case. Layers of resistance
are starting to build. Initial resistance is noted at $1.7568 with bulls needing
a close above to gain breathing room and above $1.7860 to reconfirm focus on the
bull channel top.

To read the full story


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.