Free Trial

NYMEX HO (X19): Extending The Downside....>

OIL TECHS
OIL TECHS: NYMEX HO (X19): Extending The Downside
*RES 4: $2.0935 - High Sep 17 and bull trigger
*RES 3: $2.0223 - High Sep 19 and key resistance
*RES 2: $1.9911 - High Sep 24
*RES 1: $1.9608 - High Sep 27
*PRICE: $1.9095 @ 07:53 BST Oct 1
*SUP 1: $1.8957 - Low Sep 30
*SUP 2: $1.8898 - High Sep 13 and gap low
*SUP 3: $1.8515 - Low Sep 12
*SUP 4: $1.8460 - Low Sep 6
HO remains bearish and did trade lower again yesterday. The sell-off over the
past two weeks is expected to extend and eventually complete the process of
filling the gap in the chart created by the risk related spike on Sep 16. The
focus is on $1.8898, Sep 13 high. A print of this level would result in the gap
being filled. Initial resistance has been defined at $1.9608, Sep 27 high though
a break above $2.0223, Sep 19 high is needed to reinstate a bullish theme.

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.