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RES 4: $56.27 - 1.236 proj of Apr - Aug rally from the Nov 2 low
- RES 3: $52.11 - 1.00 proj of Apr - Aug rally from the Nov 2 low
- RES 2: $50.00 - Psychological round number
- RES 1: $48.80 - High Dec 17
- PRICE: $48.35 @ 06:12 GMT Dec 18
- SUP 1: $45.88 - low Dec 14
- SUP 2: $45.14 - Low Dec 9 and key support
- SUP 3: $44.10 - Low Dec 2
- SUP 4: $43.68 - 50-day EMA
WTI futures resumed their uptrend this week. The break higher reinforces bullish conditions and maintains the positive price sequence of higher highs and higher lows that defines an uptrend with moving average studies also in a bull mode condition. Attention is on $50.00 next, a psychological round number. Clearance of this hurdle would open $52.11, a Fibonacci projection. Firm support lies at $45.14, Dec 9 low.