Free Trial

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

OIL TECHS
OIL TECHS: NYMEX WTI: (H18) Below $62.78 To Target $58.82-60.75 
*RES 4: $69.54 - High Dec 1 2014 
*RES 3: $66.66 - 2018 High Jan 25 
*RES 2: $65.68 - Hourly resistance Jan 29 
*RES 1: $65.19 - Hourly resistance Jan 30
*PRICE: $64.71 @ 2030GMT
*SUP 1: $63.62 - 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: The 21-DMA is currently supporting as daily studies correcting from
O/B add weight to the bearish case. In saying that, bears continue to look for a
close below $62.78 to confirm traction below the 21-DMA and initially focus on
$58.82-60.75 where the 55-DMA ($59.92) is found. Bulls now look for a close
above $65.68 to reconfirm focus on $69.54 (Dec 1 2014 high).

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.