Free Trial

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

OIL TECHS: NYMEX WTI: (K18) $59.18 Support Key This Week 
*RES 4: $64.07 - High Feb 26 
*RES 3: $63.05 - High Mar 6 
*RES 2: $62.22 - High Mar 12 
*RES 1: $61.73 - Hourly resistance Mar 12
*PRICE: $61.21 @ 0430GMT
*SUP 1: $60.42 - Hourly resistance Mar 9a now support 
*SUP 2: $59.91 - Low Mar 8 
*SUP 3: $59.33 - 100-DMA 
*SUP 4: $59.18 - High Feb 13 now support
*COMMENTARY: Despite looking heavy last week the $59.18-91 support region where
the 100-DMA and bull channel base ($59.39) are located confirmed significance
with a rally that provided 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 $57.60 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.