Free Trial

NYMEX WTI: (G18) Topside Follow Through...>

OIL TECHS
OIL TECHS: NYMEX WTI: (G18) Topside Follow Through Lacking 
*RES 4: $65.17 - Low Dec 5 2014 now resistance 
*RES 3: $64.77 - 2018 High Jan 11 
*RES 2: $64.39 - Daily Bull channel top (off Oct low) 
*RES 1: $64.15 - Hourly support Jan 11 now resistance
*PRICE: $63.63 @ 0330GMT
*SUP 1: $63.09 - Hourly resistance Jan 9 now support 
*SUP 2: $62.56 - Hourly resistance Jan 9a now support 
*SUP 3: $61.80 - Low Jan 9 
*SUP 4: $61.34 - Low Jan 8
*COMMENTARY: The contract took its first backward step for 2018 with a lack of
follow through on fresh 2018 & 3+yr highs. When combined with daily studies
overdue a correction it increases the correction risk. The $61.09-63.09 support
region is key. Bears need a close below $62.56 to ease bullish pressure and
below $61.09 to shift focus back to $58.60-60.08 where the bull channel base and
21-DMA are situated.

To read the full story

Why Subscribe to

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.