Free Trial

NYMEX HO: (V17) Bull Channel Top..........>

OIL TECHS
OIL TECHS: NYMEX HO: (V17) Bull Channel Top Capping
*RES 4: $1.8075 - Daily Bull channel top
*RES 3: $1.8056 - Bollinger band top
*RES 2: $1.7983 - High Sept 8
*RES 1: $1.7860 - Hourly support Sept 8 now resistance
*PRICE: $1.7683 @ 0430GMT
*SUP 1: $1.7568 - Low Sept 8
*SUP 2: $1.7453 - Hourly support Sept 6
*SUP 3: $1.7366 - Hourly support Sept 5
*SUP 4: $1.7149 - Hourly support Sept 5a
*COMMENTARY: Despite pressuring the daily bull channel top last week bears
regained some lost ground with a sell-off Friday. Daily studies looking to
correct from very O/B increase the risk of a correction. Bears look for a close
below $1.7366 to confirm an easing of bullish pressure and to shift immediate
focus back to $1.6893-1.6974. Bulls now need a close above $1.7860 to reconfirm
focus on the bull channel top.

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.