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(F1) Clears Resistance

WTI TECHS
  • RES 4: $50.00 - Psychological round number
  • RES 3: $48.07 - 0.764 proj of Apr - Aug rally from the Nov 2 low
  • RES 2: $46.00 - Round number resistance
  • RES 1: $45.72 - Intraday high
  • PRICE: $45.26 @ 07:01 GMT Nov 25
  • SUP 1: $43.33 - High Nov 11
  • SUP 2: $41.31 - 20-day EMA
  • SUP 3: $40.80 - 50-day EMA
  • SUP 4: $40.33 - Low Nov 13 and key support

WTI futures continues to strengthen and has cleared former resistance at $44.59, Aug 26 high. The break higher reinforces underlying bullish conditions and has 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 $43.33.

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