Free Trial

NYMEX HO (X20): Rally Extends

OIL TECHS
  • RES 4: $1.2341 - 61.8% retracement of the Aug 5 - Oct 2 decline
  • RES 3: $1.2155 - High Sep 3
  • RES 2: $1.2025 - 50.0% retracement of the Aug 5 - Oct 2 decline
  • RES 1: $1.1926 - High Oct 6
  • PRICE: $1.1788 @ 07:45 BST Oct 7
  • SUP 1: $1.1317 Low Oct 6
  • 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 Monday signalling a reversal of the downtrend that has dominated since Aug 5. Yesterday's gains reinforce this shift in sentiment. Furthermore, a reversal pattern defines Monday's price action, a bullish engulfing candle. This suggests a base has developed at $1.0688, Friday's low and signals scope for recovery towards $1.2025 next, a Fibonacci retracement. Initial support is at $1.1317, yesterday's 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.