Free Trial

(U18) Bull Flag Still Intact *RES 4:.....>

OIL TECHS
OIL TECHS: (U18) Bull Flag Still Intact 
*RES 4: $2.2387 - High July 10 
*RES 3: $2.2090 - Daily bear channel top 
*RES 2: $2.1834 - High July 27 
*RES 1: $2.1752 - High August 8 
*PRICE: $2.1187 @ 0555 GMT 
*SUP 1: $2.0867 - Low August 2 
*SUP 2: $2.0490 - Low July 18
*SUP 3: $2.0277 - 200-DMA
*SUP 4: $2.0220 - Daily bear channel bottom 
Yesterday's weakness failed to register a new low which the outlook neutral in
the short-term. The large flag pattern that has been forming since the May 22
peak remains intact and bulls need a break above yesterday's high at $2,1752 to
shift the focus back to the upside. Bears need a close below the August 2 low at
$2.0867 to put the focus on bear channel support at $2.0220.

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.