Free Trial

NYMEX HO (X19): Holding Onto Gains *RES...>

OIL TECHS
OIL TECHS: NYMEX HO (X19): Holding Onto Gains
*RES 4: $2.0355 - 1.00 projection of Oct 3 - Oct 11 rally from Oct 15 low
*RES 3: $2.0299 - 76.4% retracement of Sep 17 - Oct 3 low
*RES 2: $2.0223 - High Sep 19
*RES 1: $1.9924 - High Oct 24
*PRICE: $1.9797 @ 07:05 BST Oct 28
*SUP 1: $1.9201 - Low Oct 23
*SUP 2: $1.8894 - Low Oct 15
*SUP 3: $1.8744 - Low Oct 8 and key near-term support
*SUP 4: $1.8239 - Low Oct 3 and bear trigger
HO ended last week on a firm note following the confirmed breach of the $1.9700
former resistance. A clear bullish price structure of higher highs and higher
lows has also been established. Furthermore, 61.8% of the Sep 17 - Oct 3 decline
at $1.9905 has been tested and attention turns to the 76.4% retracement at
$2.0299. On the downside, support has been defined at $1.9201, Oct 23 low.

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.