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(H1) Resumes Its Uptrend

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: $54.32 - Intraday high
  • PRICE: $54.09 @ 07:06 GMT Feb 2
  • SUP 1: $51.44 - Low Jan 22
  • SUP 2: $50.86 - Low Jan 8
  • SUP 3: $49.52 - High Dec 18 and a former breakout level
  • SUP 4: $49.16 - 50-day EMA

WTI futures started the week on a firm note and have extended gains overnight. Importantly, futures have traded above resistance at $53.94, Jan 13 high and a bull trigger. The breach of this level confirms a resumption of the underlying uptrend and paves the way for strength towards $54.50 next, Feb 20, 2020 high (cont). Key support remains $51.44, Jan 22 low where a break would signal a top.

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