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(H1) Remains Below Recent Highs

WTI TECHS
  • RES 4: $56.52 - 1.236 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $55.00 - Round number resistance
  • RES 2: $54.50 - High Feb 20, 2020 and a key resistance (cont)
  • RES 1: $53.94 - High Jan 13 and the bull trigger
  • PRICE: $52.38 @ 06:56 GMT Jan 26
  • SUP 1: $51.44 Low Jan 22
  • SUP 2: $51.30/50.86 - 20-day EMA / Low Jan 8
  • SUP 3: $49.52 - High Dec 18 and a former breakout level
  • SUP 4: $48.37 - 50-day EMA

WTI futures outlook remains bullish. Recent gains reinforce this theme and maintain a bullish price sequence of higher highs and higher lows. Price action however remains below recent highs and attention is on support at $51.44, Jan 22 low. A clear break of this level would signal scope for a deeper corrective pullback. On the upside, a climb above $53.94, Jan 13 high would resume the uptrend.

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