Free Trial

NYMEX HO: (X17) Still Looking A Little....>

OIL TECHS
OIL TECHS: NYMEX HO: (X17) Still Looking A Little Heavy
*RES 4: $1.8688 - Daily Bull channel top A
*RES 3: $1.8586 - 2017 High Sept 26
*RES 2: $1.8451 - High Sept 28
*RES 1: $1.8267 - Hourly resistance Sept 28
*PRICE: $1.8247 @ 0430GMT
*SUP 1: $1.8107 - Low Sept 26
*SUP 2: $1.7969 - Low Sept 25
*SUP 3: $1.7919 - Low Sept 21
*SUP 4: $1.7709 - 21-DMA
*COMMENTARY: Continued hesitation ahead of the daily bull channel top is taking
its toll with the contract looking heavy and pressuring $1.8107. Bears continue
to look for a close below $1.7919 to shift immediate focus to $1.7534 although
the 21-DMA ($1.7796) may slow the move. Daily studies correcting from O/B
increase the risk of a correction. Layers of support remain with bulls needing a
close above $1.8451 to retain pressure on the channel top & 2017 highs.

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.