Free Trial

NYMEX WTI: (Q18) $73.42 Support Key.......>

OIL TECHS
OIL TECHS: NYMEX WTI: (Q18) $73.42 Support Key Today
*RES 4: $79.85 - High Nov 10 2014 
*RES 3: $77.83 - High Nov 21 2014 
*RES 2: $75.96 - Weekly Bull channel top 
*RES 1: $75.48 - Daily Bull channel top
*PRICE: $74.56 @ 0430GMT
*SUP 1: $74.35 - High July 2 now support 
*SUP 2: $73.42 - Hourly support July 2 
*SUP 3: $72.51 - Low July 2 
*SUP 4: $72.18 - Hourly support June 27
*COMMENTARY: Fresh 2018 & 3+yr highs continue despite daily studies at very O/B
levels and the proximity of the Bollinger top (($74.98). Immediate bullish focus
is now on the daily bull channel top with overall focus on $75.96-79.85 where
the LT weekly bull channel top is located. Initial support is noted at Monday's
high ($74.35) but bears look for a close below $73.42 to gain breathing room and
below $72.18 to hint at a move back to $69.44-70.02.

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.