Free Trial

NYMEX WTI: (K18) $59.18 Support Key.......>

OIL TECHS: NYMEX WTI: (K18) $59.18 Support Key This Week 
*RES 4: $68.21 - Daily Bull channel top 
*RES 3: $66.02 - Monthly High Jan 25 
*RES 2: $64.07 - High Feb 26 
*RES 1: $63.05 - High Mar 6
*PRICE: $62.01 @ 0430GMT
*SUP 1: $61.56 - Hourly support Mar 9 
*SUP 2: $61.31 - 21-DMA 
*SUP 3: $60.85 - Hourly resistance Mar 9 now support 
*SUP 4: $60.42 - Hourly resistance Mar 9a now support
*COMMENTARY: Despite looking heavy last week the $59.18-91 support region where
the 100-DMA ($59.25) and bull channel base ($59.18) are located confirmed
significance with a rally that provides bulls breathing room and hints at a test
of $63.05-64.07 this week. Overall a close above $64.07 remains needed to return
focus to $66.02-68.21. Bears need a close below $59.18 to hint at a move back to
$53.30-55.40 with below $57.11 (Bull channel base) to confirm.

To read the full story



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.