Free Trial

NYMEX WTI: (M18) Support Emerging On......>

OIL TECHS
OIL TECHS: NYMEX WTI: (M18) Support Emerging On Dips
*RES 4: $73.71 - Weekly Bull channel top 
*RES 3: $73.25 - Low Nov 11 2014 now resistance 
*RES 2: $72.41 - Daily Bull channel top 
*RES 1: $69.55 - 2018 High Apr 19
*PRICE: $68.89 @ 0300GMT
*SUP 1: $68.66 - High Apr 20 now support 
*SUP 2: $67.14 - Low Apr 23 
*SUP 3: $66.54 - Low Apr 18 
*SUP 4: $65.59 - Low Apr 17
*COMMENTARY: Support emerging on dips provides bulls confidence but a close
above $69.55 is needed to reconfirm focus on $72.41-73.71 following last week's
lack of topside follow through. O/B daily studies and momentum divergence are
seen as concerns for bulls. Bears now look for a close below $67.14 to gain
breathing room and hint at a correction back to $65.09-65.74 where the 21-DMA
($65.74) is found.

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.