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(G1) Holding Above $50.00

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: $52.75 - High Jan 8
  • PRICE: $52.49 @ 06:49 GMT Jan 12
  • SUP 1: $50.39/49.43 - Low Jan 7 / High Dec 18
  • SUP 2: $48.82 - 20-day EMA
  • SUP 3: $47.18 - Low Jan 4
  • SUP 4: $46.16 - Low Dec 23 and key support

WTI futures traded higher Friday registering a trend high of $52.75. Conditions remain bullish. Last week's break of $49.43, Dec 18 high confirmed a resumption of the underlying uptrend. Scope is seen for a climb towards $54.50 next, Jan 20, 2020 high (cont). Support levels to watch lie at $50.39, Jan 7 low and $49.43. A deeper pullback would signal the start of a corrective phase allowing an overbought condition to unwind.

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