Free Trial

NYMEX WTI: (N18) Bulls Need Close Above...>

OIL TECHS
OIL TECHS: NYMEX WTI: (N18) Bulls Need Close Above $67.34
*RES 4: $68.67 - High May 30 
*RES 3: $68.17 - Hourly resistance May 31 
*RES 2: $67.34 - High June 1 
*RES 1: $66.04 - Hourly resistance June 1
*PRICE: $65.69 @ 0430GMT
*SUP 1: $65.16 - Hourly support June 5 
*SUP 2: $63.87 - High Apr 5 
*SUP 3: $61.73 - Monthly Low Apr 6 
*SUP 4: $59.53 - 200-DMA
*COMMENTARY: Losses to start the new week saw the contract flirting with the
100-DMA ($64.77). Bears now look for a close below $63.87 to shift initial focus
to $61.73 and overall focus to $56.93-59.53 where the 200-DMA and Feb lows are
noted. Layers of resistance are weighing despite daily studies at O/S levels.
Bulls now need a close above $67.34 to confirm a break of the 55-DMA ($67.34)
and gain breathing room and above $68.67 to shift focus higher.

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.