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Free AccessMNI: PBOC Net Drains CNY216 Bln via OMO Monday
(X19) Path Of Least Resistance Remains....>
WTI TECHS: (X19) Path Of Least Resistance Remains Down
*RES 4: $58.49 - High Sep 24
*RES 3: $57.02 - High Sep 25 and initial key resistance
*RES 2: $55.44 - Former trendline support drawn off Aug 7 low
*RES 1: $53.93 - Sep 12 low
*PRICE: $52.80 @ 06:31 BST Oct 3
*SUP 1: $52.17 - Low Oct 2
*SUP 2: $51.71 - Low Aug 8
*SUP 3: $50.48 - Low Aug 7 and key support
*SUP 4: $50.00 - Round number support
WTI saw further selling pressure unfold yesterday. A number of key support
levels have been cleared along the way, the latest victim being $52.71, Sep 3
low. The trend remains bearish and further downside is likely near-term. The
focus is on the Aug 7 low of $50.48 which also represents the next major
support. On the upside, resistance for now is at $53.93 ahead of the former
trendline support-now-resistance, drawn off the Aug 7 low at $55.44.
To read the full story
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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.