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(G3) Key Short-Term Resistance Defined at $82.38

WTI TECHS
  • RES 4: $86.26 - 76.4% retracement of the Nov 7 - Dec 9 bear leg
  • RES 3: $84.10 - High Nov 17
  • RES 2: $83.27 - High Dec 1 and a key resistance
  • RES 1: $82.38 - High Jan 18
  • PRICE: $78.62 @ 07:02 GMT Jan 19
  • SUP 1: $77.47/72.46 - 20-day EMA / Low Jan 5
  • SUP 2: $70.31 - Low Dec 9 and the bear trigger
  • SUP 3: $68.19 - 1.236 proj of the Aug 30 - Sep 28 - Nov 7 price swing
  • SUP 4: $65.47 - 1.382 proj of the Aug 30 - Sep 28 - Nov 7 price swing

WTI futures traded higher yesterday but price has reversed lower from the $82.38 session high. Attention is on support at $77.47, the 20-day EMA. A break of this average would highlight a stronger bear threat and expose support at $72.46, the Jan 5 low. On the upside, key short-term resistance has been defined at $82.38 where a break would reinstate the recent bullish theme.

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