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NYMEX WTI: (V17) Focus Confirmed On.......>
OIL TECHS: NYMEX WTI: (V17) Focus Confirmed On $45.21-58
*RES 4: $48.36 - 100-DMA
*RES 3: $48.20 - High Aug 28
*RES 2: $47.77 - Hourly resistance Aug 28a
*RES 1: $47.20 - Hourly resistance Aug 28
*PRICE: $46.80 @ 0300GMT
*SUP 1: $46.64 - Hourly support Aug 28
*SUP 2: $46.15 - Low Aug 28
*SUP 3: $45.58 - Low July 24
*SUP 4: $45.21 - High July 10 now support
*COMMENTARY: Failure to trouble the $48.91-49.31 resistance region has resulted
in a sell-off and close below the 55-DMA ($46.94) with immediate focus back to
$45.21-58. Bears need a close below $45.21 to shift focus to $42.52 June lows.
Layers of resistance are accumulating with bulls now needing a close above
$47.20 to gain breathing and above $47.77 to return focus to layers of
resistance $48.20-49.31.
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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.