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(H1) Uptrend Remains Intact

WTI TECHS
  • RES 4: $59.06 - 1.382 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $57.00 - Round number resistance
  • RES 2: $56.52 - 1.236 proj of Apr - Aug rally from the Nov 2 low
  • RES 1: $55.26 - High Feb 2
  • PRICE: $55.00 @ 07:01 GMT Feb 3
  • SUP 1: $53.45 - Low Feb 2
  • SUP 2: $51.44 - Low Jan 22
  • SUP 3: $50.86 - Low Jan 8
  • SUP 4: $49.52 - High Dec 18 and a former breakout level

WTI futures started the week on a firm note and extended gains yesterday. Importantly, futures have this week traded above former 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 $56.52 next, a Fibonacci projection. Key support remains $51.44, Jan 22 low where a break is required to signal a top.

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