Free Trial

NYMEX WTI: (V17) Bounce Buys Bulls........>

OIL TECHS
OIL TECHS: NYMEX WTI: (V17) Bounce Buys Bulls Breathing Room 
*RES 4: $48.91 - High Aug 21 
*RES 3: $48.14 - 100-DMA 
*RES 2: $47.94 - 21-DMA 
*RES 1: $47.47 - High Aug 31
*PRICE: $47.01 @ 0250GMT
*SUP 1: $46.88 - Hourly support Sept 1 
*SUP 2: $46.72 - High Aug 30 now support 
*SUP 3: $45.84 - Hourly support Aug 31 
*SUP 4: $45.58 - Low July 24 & Aug 31
*COMMENTARY: Despite pressure returning to the $45.21-58 support region bears
have so far failed to manage the close below needed to shift overall focus back
to tests of $42.52 June lows. The bounce Thursday provides bulls breathing room
with bulls now looking for a close above the 100-DMA ($48.14) to return
immediate focus to $48.91-49.31. The Bollinger band base ($45.76) remains the
key concern for bears and currently limits follow through.

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.