Free Trial

NYMEX HO: (Z18) Up Trendline Support In...>

OIL TECHS
OIL TECHS: NYMEX HO: (Z18) Up Trendline Support In Focus 
*RES 4: $2.4534 - High Oct 3 
*RES 3: $2.3627 - Low Oct 8, now resistance 
*RES 2: $2.2371 - 55-dma 
*RES 1: $2.1475 - 200-dma 
*PRICE: $1.8930 @ 05:52 GMT 
*SUP 1: $1.8600 - Up trendline support from 2016 lows (continuation chart) 
*SUP 2: $1.8385 - Low March 12 
*SUP 3: $1.8094 - Low Feb 14 (continuation chart) 
*SUP 4: $1.7539 - High Jan 3 2016
Heating oil futures continue to decline as the up trendline from the 2016 lows
is the next meaningful level of support at the $1.68 level. Bulls need to
reclaim the 200-dma at $2.1475 to return the outlook neutral, and overcome the
55-dma at $2.2371 to regain the upper hand.

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.