Free Trial

NYMEX WTI: (G18) Above $58.99 Targets.....>

OIL TECHS
OIL TECHS: NYMEX WTI: (G18) Above $58.99 Targets $60.25-62.59 
*RES 4: $60.48 - Daily Bull channel top 
*RES 3: $60.25 - 200-WMA 
*RES 2: $58.99 - Monthly High Nov 24 
*RES 1: $58.60 - High Dec 12
*PRICE: $58.19 @ 0430GMT
*SUP 1: $58.08 - Hourly support Dec 21 
*SUP 2: $57.58 - 21-DMA 
*SUP 3: $57.20 - Low Dec 19 
*SUP 4: $56.88 - Low Dec 18
*COMMENTARY: The recovery from last week's dip back towards $55.88 sees bulls
focused on $58.60-58.99 with a break targeting the 200-WMA and channel tops
($60.48-62.59). Layers of support building add to bullish confidence with a
close below the 21-DMA now needed to ease renewed bullish pressure. A close
below $55.15 remains needed to confirm a break of the 55-DMA ($55.59) and
initially target 52.77-54.07.

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.