Free Trial

NYMEX WTI: (H18) Bears Need Close Below...>

OIL TECHS
OIL TECHS: NYMEX WTI: (H18) Bears Need Close Below $64.87 
*RES 4: $67.95 - Daily Bull channel top 
*RES 3: $66.73 - Bollinger band top 
*RES 2: $66.66 - 2018 High Jan 25 
*RES 1: $65.68 - Hourly resistance Jan 29
*PRICE: $65.46 @ 2030GMT
*SUP 1: $64.87 - Hourly support Jan 24 
*SUP 2: $64.19 - Hourly support Jan 23 
*SUP 3: $63.70 - Low Jan 23 
*SUP 4: $63.19 - 21-DMA
*COMMENTARY: Support emerging on dips last week provided bulls comfort although
the lack of follow through on fresh 2018 and 3+yr highs is a concern when
combined with daily studies looking to correct from O/B. The $64.87 support
remains key this week. Bears need a close below to ease bullish pressure and
then below $62.78 to confirm a break of the 21-DMA and initially focus on
$58.82-60.75 where the 55-DMA ($59.66) is found.

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.