Free Trial

NYMEX WTI: (M18) Bearish Key Day..........>

OIL TECHS
OIL TECHS: NYMEX WTI: (M18) Bearish Key Day Reversal 
*RES 4: $69.54 - High Dec 1 2014 (Cont) 
*RES 3: $69.24 - Daily Bull channel top 
*RES 2: $67.68 - 2018 High Apr 16 
*RES 1: $66.92 - Hourly resistance Apr 16
*PRICE: $66.49 @ 0310GMT
*SUP 1: $65.94 - Low Apr 12 
*SUP 2: $65.68 - Hourly support Apr 11 
*SUP 3: $65.09 - Low Apr 11 
*SUP 4: $64.66 - 21-DMA
*COMMENTARY: Fresh 2018 & 3+yr highs lacked follow through leaving a bearish key
day reversal in place and initial pressure on $65.94. Bears now look for a close
below $65.68 to shift initial focus back to $64.10-66 where the 21-DMA is
located. Resistance layers building adds to bearish confidence. Bulls need a
close above $66.92 to gain breathing room and above 2018 highs to reassert
dominance and initially target the bull channel top.

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.