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(G1) Fresh Trend High

WTI TECHS
  • RES 4: $52.64 - High Feb 24 (cont)
  • 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: $49.71 - Intraday high
  • PRICE: $49.45 @ 06:45 GMT Jan 1
  • SUP 1: $47.50 - Low Dec 28
  • SUP 2: $46.16 - Low Dec 23 and key support
  • SUP 3: $45.14 - Low Dec 9
  • SUP 4: $45.03/44.10 - 50-day EMA / Low Dec 2

WTI futures have also started the year on a firm note. Today's breach of $49.43, Dec 18 high, confirms a resumption of the uptrend that started early Nov and also ends the recent short-lived corrective phase. The focus is on a move towards $50.00 next, and $52.11 further out, a Fibonacci extension. On the downside, key trend support has been defined at $46.16, Dec 23 low. Initial support is at $47.50.

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