Free Trial

NYMEX HO: (X17) Below $1.6829 To Shift....>

OIL TECHS
OIL TECHS: NYMEX HO: (X17) Below $1.6829 To Shift Focus Lower
*RES 4: $1.7755 - Hourly support Oct 6 now resistance
*RES 3: $1.7683 - Low Oct 5 now resistance
*RES 2: $1.7570 - Hourly resistance Oct 6
*RES 1: $1.7435 - High Oct 9
*PRICE: $1.7391 @ 0330GMT
*SUP 1: $1.7279 - Daily Bull channel base
*SUP 2: $1.7203 - Low Oct 9
*SUP 3: $1.7152 - Bollinger band base
*SUP 4: $1.7121 - Low Sept 11
*COMMENTARY: The lack of follow through on Thursday's bounce resulted in a
sell-off and bearish close Friday that sees pressure on the daily bull channel
base. Overall the $1.6829 support is key with bears needing a close below to
shift focus to $1.6144-1.6366 where100 & 200-DMAs are located. Layers of
resistance are weighing with bulls needing a close above $1.7570 to gain
breathing room and above $1.7755 to shift pressure back to $1.8127.

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.