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Bearish Outlook

OIL TECHS

Oil markets are consolidating with both Brent and WTI trading at the lower end of this month's price range. The outlook remains bearish.

  • Brent (X0): Attention is on $39.25 next, the 38.2% retracement of the Apr - Aug rally. A break would open $37.94, Jun 12 low. Initial firm resistance is at $42.23, Tuesday's high.
  • WTI (V0): The focus is on $35.94, 38.2% of the Apr - Aug rally. Clearance of this retracement would open $35.25, Jun 12 low. Resistance is at $39.59, Tuesday's high.

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