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(G2) Bullish Extension

WTI TECHS
  • RES 4: $85.29 - 1.764 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $83.71 - 1.618 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $82.13 - High Oct 25 and a major resistance
  • RES 1: $81.73 - High Nov 10
  • PRICE: $81.29 @ 07:15 GMT Jan 12
  • SUP 1: $77.83/76.08 - Low Jan 10 / 20-day EMA
  • SUP 2: $74.81/27 - 50-day EMA / Low Jan 3 and key S/T support
  • SUP 3: $72.57 - Low Dec 27
  • SUP 4: $70.80 - Low Dec 22

WTI futures remain in an uptrend and the contract traded higher yesterday. Futures are approaching the next objective of $81.73, the Nov 10 high where a break would expose the key resistance at $82.13, Oct 25 high. Moving average conditions are in a bull mode, reinforcing the current trend condition. On the downside, initial support is seen at $77.83, Monday’s low and a key near-term level.

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