NYMEX Crude Oil Technical Update
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RES 4: $61.00 Failure high 9 Feb
RES 3: $60.40 Resistance line from 20 Dec
RES 2: $59.60 Daily high 13 Feb
RES 1: $59.00 Daily high 19 Feb
LAST PRICE: $58.18
SUP 1: $58.00 21-day moving average
SUP 2: $56.76/62 38.2% of $61.00-$49.90 & Daily low 15 Feb
SUP 3: $55.45 50.0% of $61.00 to $49.90
SUP 4: $53.75 Daily low 29 Jan
Risks are skewed lower ahead of the March contract expiry today, with break below the 21-day moving average at $58.00 seen triggering the downside move.
The daily studies are showing bear-divergence signals with 10-day momentum now making new lows for the move in negative territory.
Fibonacci support at $55.45 now eyed.
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