Free Trial

NYMEX WTI: (Z17) $51.28 Support Now Key...>

OIL TECHS
OIL TECHS: NYMEX WTI: (Z17) $51.28 Support Now Key 
*RES 4: $52.99 - Bollinger band top 
*RES 3: $52.65 - High Oct 16 
*RES 2: $52.39 - Hourly resistance Oct 19 
*RES 1: $51.92 - Low Oct 18 now resistance
*PRICE: $51.54 @ 0430GMT
*SUP 1: $51.42 - 21-DMA 
*SUP 2: $51.28 - Low Oct 19 
*SUP 3: $50.71 - 200-DMA 
*SUP 4: $50.48 - Low Oct 12
*COMMENTARY: Topside hesitation ahead of the $52.65-53.11 region is less than
ideal for bulls who need a close above to shift focus to $53.73-55.03 where the
bull channel top ($54.77) is located. The $51.28 support is now key with bears
needing a close below to confirm a break of the 21-DMA and shift immediate focus
back to $49.44-50.13 where the 55-DMA is noted ($49.96). A close below the
200-DMA would add weight to the bearish case.

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.