Free Trial

NYMEX HO (V19): Retracing the overnight...>

OIL TECHS
OIL TECHS: NYMEX HO (V19): Retracing the overnight spike
*RES 4: $2.0800 - Intraday high
*RES 3: $2.0611 - High May 23
*RES 2: $2.0500 - Round number resistance
*RES 1: $2.0376 - High May 28
*PRICE: $2.0280 @ 07:00 BST Sep 16
*SUP 1: $1.9860 - Intraday low
*SUP 2: $1.9624 - Low Oct 10 and gap low
*SUP 3: $1.9529 - Trendline support drawn off the Aug 7 low
*SUP 4: $1.9168 - High Sep 12
HO is volatile too following weekend developments in Saudi Arabia. It is
difficult to assess technical readings under such conditions as the market
evaluates the heightened risk concerns. Prices have however retraced significant
portion of today's overnight spike to $2.0800. This is potentially a bearish
development and does signal scope for a retracement. A move below $1.9860 would
open $1.9624 and fill a gap in the chart.

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.