Free Trial

NYMEX WTI: (G18) Flirting with 200-WMA ...>

OIL TECHS
OIL TECHS: NYMEX WTI: (G18) Flirting with 200-WMA 
*RES 4: $63.42 - Daily Bull channel top (off Oct low) 
*RES 3: $62.18 - Weekly Bollinger band top 
*RES 2: $61.85 - High May 13 2015 
*RES 1: $60.91 - Daily Bull channel top (off June low)
*PRICE: $60.35 @ 0320GMT
*SUP 1: $59.82 - Low Dec 29 
*SUP 2: $59.33 - Low Dec 27 
*SUP 3: $58.99 - Monthly High Nov 24 now support 
*SUP 4: $58.18 - Hourly support Dec 22
*COMMENTARY: The recovery from the dip back towards $55.88 resulted in a close
above $58.99 with the contract flirting with the 200-WMA ($60.05). Bulls look
for a close above the bull channel top off June lows to initially target
$61.85-63.42 where monthly highs and the bull channel top off Oct lows are
noted. Bears now look for a close below $59.82 to ease bullish pressure and
below the 21-DMA to pressure the 55-DMA ($56.56).

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.