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(G1) Bullish Focus

WTI TECHS
  • RES 4: $58.84 - 1.382 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $56.27 - 1.236 proj of Apr - Aug rally from the Nov 2 low
  • RES 2: $54.50 - High Feb 20, 2020 and a key resistance (cont)
  • RES 1: $53.93 - High Jan 13 and the bull trigger
  • PRICE: $53.41 @ 06:39 GMT Jan 20
  • SUP 1: $51.83/50 Low Jan 15 / Low Jan 11
  • SUP 2: $50.46/39 - 20-day EMA / Low Jan 7
  • SUP 3: $49.43 - High Dec 18
  • SUP 4: $47.18 - Low Jan 4

WTI futures outlook remains bullish. Last week's gains reinforce this theme and maintain a bullish price sequence of higher highs and higher lows. A positive theme follows the break on Jan 5 of $49.43, Dec 18 high. This confirmed a resumption of the underlying uptrend. Scope is seen for a climb towards $54.50 next, Feb 20, 2020 high (cont). On the downside, initial support lies at $51.83/50. A break would signal the start of a correction.

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