Free Trial

NYMEX WTI: (N18) Bull Channel Top.........>

OIL TECHS
OIL TECHS: NYMEX WTI: (N18) Bull Channel Top Capping
*RES 4: $74.58 - Weekly Bull channel top 
*RES 3: $73.25 - Low Nov 11 2014 now resistance 
*RES 2: $72.86 - Daily Bull channel top 
*RES 1: $72.68 - 2018 High May 17
*PRICE: $72.50 @ 0430GMT
*SUP 1: $71.94 - Hourly support May 21 
*SUP 2: $71.09 - Low May 17 
*SUP 3: $70.24 - Low May 14 
*SUP 4: $69.86 - 21-DMA
*COMMENTARY: Pressure remained on the daily bull channel top last week with
bulls currently focused on the $73.25-74.58 region where the weekly bull channel
top is located. O/B studies and daily momentum divergence are key concerns for
bulls. In saying that, bears now need a close below $71.09 to gain breathing
room and below the 21-DMA now to shift initial focus back to $66.88-67.57.

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.