Free Trial

NYMEX WTI: (N18) Targeting Correction.....>

OIL TECHS
OIL TECHS: NYMEX WTI: (N18) Targeting Correction Back to 21-DMA
*RES 4: $71.09 - Low May 18 now resistance 
*RES 3: $70.10 - 21-DMA 
*RES 2: $69.57 - Hourly resistance May 25 
*RES 1: $68.67 - High May 30
*PRICE: $68.25 @ 2130GMT
*SUP 1: $68.03 - Hourly support May 30 
*SUP 2: $67.42 - Alternating daily support/resistance 
*SUP 3: $66.35 - Low May 30 
*SUP 4: $65.80 - Low May 28
*COMMENTARY: Having found support on the dip below the bull channel base off Feb
lows bulls take comfort in the close above $67.42 that provides breathing room
and increases the risk of a correction back to the 21-DMA. Bulls now need a
close above $71.09 to confirm a break of the 21-DMA and return initial focus to
2018 highs $72.90). Bears now need a close below $65.38 to pressure the 100-DMA
($64.56).

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.