Free Trial

NYMEX WTI: (U17) Resistance Layers........>

OIL TECHS
OIL TECHS: NYMEX WTI: (U17) Resistance Layers Building 
*RES 4: $50.10 - Alternating hourly support/resistance 
*RES 3: $49.70 - Hourly resistance July 1a 
*RES 2: $49.26 - Hourly resistance July 1 
*RES 1: $48.92 - Hourly resistance July 2
*PRICE: $48.71 @ 0430GMT
*SUP 1: $48.25 - Low July 27 
*SUP 2: $47.86 - Low July 26 
*SUP 3: $47.43 - Hourly resistance July 25 now support 
*SUP 4: $47.08 - 55-DMA, 21-DMA
*COMMENTARY: O/B studies appear to have impacted with the sell-off and bearish
close easing bullish pressure and shifting focus back to $47.08-86 where 21 &
55-DMAs are situated. Layers of resistance accumulating is weighing on U17 with
bulls now needing a close above $49.26 to gain breathing room and above $50.10
to shift focus back to layers of resistance $50.78-51.26 where the bear channel
top and 200-DMA ($51.26) are located.

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.