Free Trial

NYMEX WTI: (Q18) Bears Need Close Below...>

OIL TECHS
OIL TECHS: NYMEX WTI: (Q18) Bears Need Close Below $72.18
*RES 4: $77.83 - High Nov 21 2014 
*RES 3: $75.96 - Weekly Bull channel top 
*RES 2: $74.46 - 2018 High June 29 
*RES 1: $73.94 - Hourly resistance July 2
*PRICE: $73.32 @ 0310GMT
*SUP 1: $72.51 - Hourly support July 2 
*SUP 2: $72.18 - Hourly support June 27 
*SUP 3: $71.40 - Hourly resistance June 27 now support 
*SUP 4: $70.02 - Hourly support June 26
*COMMENTARY: Support around the 55-DMA ($68.23) provided the base for gains that
have resulted in fresh 2018 & 3+yr highs. Bulls focus on the $75.96-79.85 region
where the LT weekly bull channel top ($75.96) is situated. O/B studies and the
Bollinger top ($73.87) remain concerns for bulls. In saying that, bears now need
a close below $72.18 to gain breathing room and below $71.40 to shift initial
focus 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.