Free Trial

(G1) Reversal Pattern?

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: $49.83 - High Jan 4
  • PRICE: $47.54 @ 06:50 GMT Jan 5
  • SUP 1: $47.18 - Low Jan 4
  • SUP 2: $46.16 - Low Dec 23 and key support
  • SUP 3: $45.14/12 - Low Dec 9 / 50-day EMA
  • SUP 4: $44.10 - Low Dec 2

WTI futures started the year on a firm note, trading to a high of $49.83 yesterday before stalling. In pattern terms, Monday's session is a shooting star Japanese candle, a reversal pattern. Intraday momentum studies have also shifted to bearish. Together, this warns of a possible top at $49.83. If correct, scope is seen for weakness towards key support at $46.16, Dec 23 low. Clearance of $49.83 would resume the uptrend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.