Free Trial

NYMEX HO: (V17) Topside Follow Through....>

OIL TECHS
OIL TECHS: NYMEX HO: (V17) Topside Follow Through Lacking
*RES 4: $1.7357 - Monthly High Feb 10
*RES 3: $1.7084 - Monthly High Apr 12
*RES 2: $1.6893 - High Aug 30
*RES 1: $1.6781 - Bollinger band top
*PRICE: $1.6692 @ 0430GMT
*SUP 1: $1.6521 - Hourly support Aug 30
*SUP 2: $1.6337 - Low Aug 30
*SUP 3: $1.6269 - 21-DMA 
*SUP 4: $1.6148 - 200-DMA
*COMMENTARY: The $1.6020-1.6148 support region remains key with bears needing a
close below the bull channel base ($1.6020) to shift focus back to
$1.5532-1.5722 where 55 & 100-DMAs are located. The lack of follow through on
the break of $1.6814 is less than ideal with the Bollinger top the key concern.
Bears now need a close below $1.6521 to add weight to the case for a correction
back to $1.6020-1.6148.

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.