Free Trial

NYMEX WTI: (X17) Bearish Key Day..........>

OIL TECHS
OIL TECHS: NYMEX WTI: (X17) Bearish Key Day Reversal 
*RES 4: $53.50 - Daily Bull channel top 
*RES 3: $52.86 - High Sept 28 
*RES 2: $52.71 - Bollinger band top 
*RES 1: $52.27 - Alternating hourly support/resistance
*PRICE: $51.60 @ 0430GMT
*SUP 1: $51.22 - Low Sept 25 
*SUP 2: $50.95 - 200-DMA 
*SUP 3: $50.29 - Low Sept 22 
*SUP 4: $50.07 - Low Sept 21
*COMMENTARY: The bearish key day reversal Thursday provides bears hope but a
close below the 200-DMA remains need to shift focus back to $50.07-29 where the
21-DMA ($50.08) is located. Correcting O/B studies add weight to the bearish
case. Layers of resistance are accumulating and weighing with bulls needing a
close above $52.27 to gain breathing room and above $52.86 to retain focus on
the bull channel top.

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.