Free Trial

NYMEX WTI: (J18) Above $63.94 Targets.....>

OIL TECHS
OIL TECHS: NYMEX WTI: (J18) Above $63.94 Targets 2018 High 
*RES 4: $64.96 - High Feb 5 
*RES 3: $63.94 - High Feb 6 
*RES 2: $62.86 - 21-DMA 
*RES 1: $62.63 - Low Jan 19 now resistance
*PRICE: $62.05 @ 0430GMT
*SUP 1: $61.88 - High Feb 16 now support 
*SUP 2: $60.57 - Hourly resistance Feb 15 now support 
*SUP 3: $59.60 - Low Feb 15 
*SUP 4: $58.75 - Hourly resistance Feb 14 a now support
*COMMENTARY: Daily studies correcting from very O/S are well placed for gains
following the bounce from ahead of the 100-DMA. The contract is gaining traction
above the 55-DMA ($61.14) adding to bullish confidence. Overall bulls look for a
close above $63.94 to initially target 2018 highs. Bears now look for a close
below $60.57 to gain breathing room and below the 100-DMA to target the 200-DMA
($53.64).

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.