Free Trial

NYMEX WTI: (V17) $46.63 & $49.30 Levels...>

OIL TECHS
OIL TECHS: NYMEX WTI: (V17) $46.63 & $49.30 Levels Key 
*RES 4: $48.59 - Hourly resistance Aug 21a 
*RES 3: $48.35 - 100-DMA 
*RES 2: $48.09 - Hourly support Aug 24 now resistance 
*RES 1: $47.93 - Hourly resistance Aug 24
*PRICE: $47.77 @ 0430GMT
*SUP 1: $47.37 - Hourly support Aug 24 
*SUP 2: $47.07 - Low Aug 24 
*SUP 3: $46.95 - 55-DMA 
*SUP 4: $46.63 - Low Aug 17
*COMMENTARY: Dips below the bull channel base are less than ideal for bulls
following hesitation ahead of 21 & 100-DMAs. Layers of resistance accumulating
is also a concern for bulls who look for a close above $49.30 to confirm breaks
of 21 & 100-DMAs and shift initial focus to $50.18-51.25 where the bear channel
top and 200-DMA are situated. Bears now look for a close below $46.63 to end
bullish hopes and target $45.31-59.

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.