Free Trial

NYMEX WTI: (M18) Bollinger Top Limiting...>

OIL TECHS
OIL TECHS: NYMEX WTI: (M18) Bollinger Top Limiting Follow Through
*RES 4: $73.25 - Low Nov 11 2014 now resistance 
*RES 3: $71.63 - Daily Bull channel top 
*RES 2: $70.84 - 2018 High May 7 
*RES 1: $70.46 - Bollinger band top
*PRICE: $69.97 @ 0430GMT
*SUP 1: $69.51 - Low May 7 
*SUP 2: $68.12 - Low May 4 
*SUP 3: $67.99 - 21-DMA 
*SUP 4: $66.85 - Low May 1
*COMMENTARY: Bulls took comfort in support emerging on dips back towards the
21-DMA last week which provided the base for a rally to fresh 2018 & 3+yr highs.
Follow through has been lacking courtesy of the Bollinger band top which is a
concern with bulls currently focused on the daily bull channel top. Bears now
need a close below $69.51 to gain breathing room and hint at a correction back
towards $66.85-67.99 where the 21-DMA is located.

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.