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- NYMEX Light Crude Oil: Early March highs at 37.33/75 in sight - Commerzbank
NYMEX Light Crude Oil: Early March highs at 37.33/75 in sight - Commerzbank
FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that NYMEX Light Crude Oil has risen above the April peak and resistance line at 34.88/35.18 and eyes the 37.33/40.11 area.
“Nymex July Light Crude Oil is in the process of rising above its 2020 resistance line and the April high at 34.88/35.18 with the 37.33/75 March 9 and 11 highs as well as the August 2015 low being next in line.”
“There is a remaining gap to be seen between the 37.64 high and the 41.88 low with en route lying the August 2016 low at 39.19 and the 50% retracement at 40.11. Further up sit the June 2017 and December 2018 lows at 42.05/36.”
“Immediate upside pressure should be maintained while the contract remains above the May 22 low at 30.72. Below it, the early May high and 55-day moving average make up support at 28.05/27.98 and the early April low at 26.14.”
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