Free Trial

(H1) Extends Gains Above $60.00

WTI TECHS
  • RES 4: $65.71 - 1.764 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $64.00 - Round number resistance
  • RES 2: $63.17 - 1.618 proj of Apr - Aug rally from the Nov 2 low
  • RES 1: $62.26 - Intraday high
  • PRICE: $61.68 @ 07:06 GMT Feb 18
  • SUP 1: $59.33 - Low Feb 16
  • SUP 2: $57.41 - Low Feb 12
  • SUP 3: $56.30 - 20-day EMA
  • SUP 4: $55.30 - Low Feb 4

WTI futures maintain a bullish tone. The contract is trading above $60.00 and further gains are likely near-term. The recent break higher confirms a resumption of the underlying uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $63.17 next, a Fibonacci projection. On the downside, the near-term firm support lies at $57.41, the Feb 12 low. Initial support is at $59.33, Feb 16 low.

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.