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Free AccessNYMEX WTI: (Z17) Below $53.93 To Ease.....>
OIL TECHS: NYMEX WTI: (Z17) Below $53.93 To Ease Bullish Pressure
*RES 4: $55.89 - High Feb 21
*RES 3: $55.34 - Daily Bull channel top
*RES 2: $55.02 - Monthly Apr 12
*RES 1: $54.85 - High Oct 31
*PRICE: $54.67 @ 0305GMT
*SUP 1: $54.55 - Hourly support Nov 1
*SUP 2: $53.93 - Low Oct 31
*SUP 3: $53.63 - Hourly support Oct 27
*SUP 4: $53.14 - Hourly support Oct 27a
*COMMENTARY: Pressure returning to the $53.11 resistance last week provided
bulls hope and resulted in a break and aggressive rally that reconfirms the
bullish bias with focus on $55.02-34 where the daily bull channel top and Apr
highs are noted. Layers of support are following the contract higher. Bears now
need a close below $53.93 to ease bullish pressure and below $52.86 to shift
initial focus back to the 21-DMA ($52.03).
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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.