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(F1) Bullish Focus

WTI TECHS
  • RES 4: $52.41 - 1.00 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $50.00 - Psychological round number
  • RES 2: $48.07 - 0.764 proj of Apr - Aug rally from the Nov 2 low
  • RES 1: $46.26 - High Nov 25
  • PRICE: $44.94 @ 07:00 GMT Nov 27
  • SUP 1: $44.59 - High Aug 26 and recent breakout point
  • SUP 2: $43.33 - High Nov 11
  • SUP 3: $41.73 - 20-day EMA
  • SUP 4: $40.98 - 50-day EMA

WTI futures remain bullish. This week saw price clear resistance at $44.59, Aug 26 high. The break reinforces underlying bullish conditions and confirmed a resumption of the broader recovery that started Apr 22. This sets the scene for a climb towards $48.07, a Fibonacci projection. Moving average studies have also shifted to a bull mode reinforcing current trending conditions. Initial support is seen at $44.59.

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