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Free AccessNYMEX WTI: (F18) Bulls Targeting..........>
OIL TECHS: NYMEX WTI: (F18) Bulls Targeting Channel Top
*RES 4: $60.05 - High June 30 2015
*RES 3: $59.30 - Daily bull channel top
*RES 2: $58.93 - Bollinger band top
*RES 1: $58.58 - 2017 High Nov 23
*PRICE: $58.45 @ 0430GMT
*SUP 1: $58.15 - High Nov 22 now support
*SUP 2: $57.75 - Low Nov 23
*SUP 3: $57.22 - High Nov 21 now support
*SUP 4: $56.88 - Hourly support 21 Nov
*COMMENTARY: The correction lower from 2017 highs found support ahead of the
21-DMA which provided the base for a rally and bullish close last Friday. The
close above $58.15 confirms focus on the daily bull channel top with the
Bollinger band top the key concern with potential to limit follow through. Bears
now need a close below $57.75 to ease bullish pressure and below $57.22 to shift
initial focus back to $55.00-56.07 where the 21-DMA is located.
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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.