Free Trial

(V18) Bearish Below $70 *RES 4: $80.00....>

OIL TECHS
OIL TECHS: (V18) Bearish Below $70
*RES 4: $80.00 - Resistance 
*RES 3: $79.00 - Measured move target from triangle breakout 
*RES 2: $71.63 - High May 22 
*RES 1: $71.40 - High Sep 4 
*PRICE: $68.88 @ 06:24 GMT 
*SUP 1: $66.86 - Low Sep 7 
*SUP 2: $65.98 - Low Aug 22 
*SUP 3: $63.89 - Low Aug 16 
*SUP 4: $62.60 - Low June 18 
The failure to recover the $70 level last week keeps the risk of a topping
pattern in WTI elevated, with bears looking to break below the Sep 7 low at
$66.86 to strengthen their case. A close below the Aug 16 lows would suggest a
topping pattern is in play, opening up the June 18 lows. The bigger picture
remains constructive for now, but a break above the Sep 4 high of $71.40 is
needed to cement a bullish breakout. 

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.