Free Trial

NYMEX WTI: (H18) Below $62.78 To Target...>

OIL TECHS: NYMEX WTI: (H18) Below $62.78 To Target $58.82-60.75 
*RES 4: $66.66 - 2018 High Jan 25 
*RES 3: $65.68 - Hourly resistance Jan 29 
*RES 2: $65.19 - Hourly resistance Jan 30 
*RES 1: $64.67 - Hourly support Jan 30 now resistance
*PRICE: $63.82 @ 0330GMT
*SUP 1: $63.58 - 21-DMA 
*SUP 2: $62.78 - Low Jan 19 
*SUP 3: $62.05 - High Jan 4 now support 
*SUP 4: $60.75 - High Jan 2 now support
*COMMENTARY: H18 remains heavy with correcting O/B daily studies seen weighing.
The close below $64.87 eases bullish pressure with bears now looking for a close
below $62.78 to confirm a break of the 21-DMA and initially focus on
$58.82-60.75 where the 55-DMA ($59.90) is found. Resistance layers are building
and weighing also, with bulls now needing a close above $65.68 to reconfirm
focus on $69.54 (Dec 1 2014 high).

To read the full story

Why Subscribe to


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.