Free Trial

Technical Trend Change alert: Looking.....>

OIL TECHS
OIL TECHS: Technical Trend Change alert: Looking at the oil market, our trend
model reversed to bullish yesterday and reverses a bearish signal that has been
in place since Jan 8.
- This implies that downside pressure is likely to be limited. Is all the bad
news priced in (for now at least)?
- The signal is merely a trigger identifying direction and market sentiment. It
does not attempt to determine how far price can travel.
- Watch key resistance levels at $51.96, yesterday's high and $52.20, the Feb 5
high in WTI. A breach would highlight a developing base/reversal.
- Primary support is $49.31, Feb 4 low.
- So, if the reading is correct, it suggests the directional risk is skewed to
the upside.
- From an FX perspective, watch NOK, CAD, AUD, they would likely benefit if oil
recovers.
https://emedia.marketnews.com/marketnewsintl/MC_CLH20.png

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.