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(F1) Bullish Outlook

WTI TECHS
  • RES 4: $44.59 - High Aug 26 and a key bull trigger
  • RES 3: $44.47 - High Aug 31
  • RES 2: $44.15 - High Sep 2
  • RES 1: $43.33 - High Nov 11 and the bull trigger
  • PRICE: $42.69 @ 06:49 GMT Nov 23
  • SUP 1: $40.33 - Low Nov 13 and key near-term support
  • SUP 2: $39.72 - Low Nov 10
  • SUP 3: $37.40 - Low Nov 6 and a key support
  • SUP 4: $36.93 - Low Nov 3

WTI futures are holding onto recent gains and have pushed higher today. The outlook is bullish following the recent breach of the 20- and 50-day EMAs. Futures have also cleared resistance at $42.36, Sep 18 high. The break opens $44.59, Aug 26 high and a key resistance. The price pattern on Nov 11 is still being monitored though, a shooting star candle line. This is a reversal signal. Firm support is at $40.33. A break would undermine the bullish theme.

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