Free Trial

NYMEX HO (X20): Bulls Still In Charge

OIL TECHS
  • RES 4: $1.2651 - High Sep 2
  • RES 3: $1.2341 - 61.8% retracement of the Aug 5 - Oct 2 decline
  • RES 2: $1.2155 - High Sep 3
  • RES 1: $1.2059 - High Oct 9 and the intraday bull trigger
  • PRICE: $1.1624 @ 07:02 BST Oct 14
  • SUP 1: $1.1317 Low Oct 6 and key near-term support
  • SUP 2: $1.0688 - Low Oct 2 and the bear trigger
  • SUP 3: $1.0470 - Low May 15
  • SUP 4: $1.0319 - 76.4% retracement of the Mar - Aug rally

HO futures rallied sharply higher on Oct 5 signalling a stronger reversal of the downtrend that has dominated since Aug 5. The reversal pattern that defines price action on Oct 5 is a bullish engulfing candle. This confirmed a base at $1.0688, Oct 2 low. The outlook remains bullish despite this week's opullback and the focus is on $1.2341 further out, a Fibonacci retracement. Initial firm support lies at $1.1317, Oct 6 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.