Free Trial

NYMEX HO: (V18) Lacking Conviction .......>

OIL TECHS
OIL TECHS: NYMEX HO: (V18) Lacking Conviction 
*RES 4: $2.5000 - Resistance 
*RES 3: $2.4000 - Measured move from bull flag breakout 
*RES 2: $2.3089 - High Sep 4 
*RES 1: $2.2453 - High Sep 6 
*PRICE: $2.2202 @ 05:13 GMT 
*SUP 1: $2.1817 - High Aug 14 now support 
*SUP 2: $2.0823 - Low Aug 15 
*SUP 3: $2.0657 - 200-dma 
*SUP 4: $2.0574 - Low July 18 
Oct-18 Heating Oil failed to overcome its Sep 6 high at $2.2453 yesterday which
leaves the short-tern outlook neutral. Bulls need to overcome this level to
challenge the Sep 4 peak at $2.3089 and extend the bull flag formation. Bears
need a close below the Aug 14 high of $2.1817 to target the Aug 15 lows and
200-dma in an attempt to mount a bearish reversal.

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.