MNI: SNB CUTS KEY POLICY RATE BY 50 BPS TO 0.5%

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NYMEX HO (X20): Looking For An Extension Lower

OIL TECHS
  • RES 4: $1.2077 - 50.0% retracement of the Aug 5 - Sep 8 decline
  • RES 3: $1.1941 - 50-day EMA
  • RES 2: $1.11858 - High Sep 18 and the near-term bull trigger
  • RES 1: $1.1520 - High Sep 28
  • PRICE: $1.1096 @ 07:08 BST Sep 30
  • SUP 1: $1.0988 - Low Sep 23
  • SUP 2: $1.0792 - Low Sep 8 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 outlook remains bearish. The sell-off on Sep 21 confirmed a top at $1.1858, Sep 18 high and price action recently stalled just above the 20-day EMA. Also, a bearish price pattern on Sep 18, a doji and the Sep 21 move lower has reinforced a bearish theme. Continued weakness would open $1.0792, Sep 8 low where a break would resume the downtrend. $1.1858 is key resistance and a reversal trigger.

Energy BulletsCommodities
Energy BulletsCommodities

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.