Free Trial

NYMEX WTI: (U17) Bulls Focused On.........>

OIL TECHS
OIL TECHS: NYMEX WTI: (U17) Bulls Focused On $50.70-51.31 
*RES 4: $51.11 - Low May 23 now resistance 
*RES 3: $50.88 - Daily Bear channel top 
*RES 2: $50.70 - Alternating hourly support/resistance 
*RES 1: $50.10 - Hourly resistance July 31
*PRICE: $48.98 @ 0255GMT
*SUP 1: $49.23 - High July 27 now support 
*SUP 2: $48.88 - Low July 28 
*SUP 3: $48.25 - Low July 27 
*SUP 4: $47.86 - Low July 26
*COMMENTARY: The recovery from a dip below the 21-DMA ($46.92) last Monday sees
the U17 gaining traction above the 100-DMA ($48.64) and focus on $50.70-51.31.
The bear channel top and 200-DMA are noted in this region. Bears now need a
close below $48.88 to ease immediate bullish pressure and below $47.86 to shift
focus to 21 & 55-DMAs ($46.92-47.10). Below the 21-DMA is needed to pressure
$45.16-45.64 where the bull channel base is found.

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.