Free Trial

NYMEX HO (Z19): Downside Pressure.........>

OIL TECHS
OIL TECHS: NYMEX HO (Z19): Downside Pressure Remains
*RES 4: $2.0138 - High Sep 19
*RES 3: $1.9833 - 61.8% retracement of Sep 17 - Oct 3 low
*RES 2: $1.9799 - High Oct 24 and key near-term resistance
*RES 1: $1.9611 - High Oct 29
*PRICE: $1.9071 @ 07:37 BST Oct 31
*SUP 1: $1.8950 - Low Oct 30
*SUP 2: $1.8804 - Low Oct 15 and key near-term support
*SUP 3: $1.8588 - Low Oct 8
*SUP 4: 1.8151 - Low Oct 3 and primary support
HO gains stalled last week at $1.9799, Oct 24 high. This was also just ahead of
the 61.8% retracement of Sep 17 - Oct 3 decline at $1.9833 and does reinforce
the potential significance of the recent move lower which continued yesterday.
The support to watch today is $1.8804, Oct 15 low that if breached would further
undermine the recent recovery and expose $1.8588, Oct 8 low. The trigger for a
resumption of strength and to reinstate a bullish theme is $1.9799.

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.