Free Trial

(H2) Bulls Still In Control

WTI TECHS
  • RES 4: $92.85 - 2.50 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $91.58 - 2.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $90.00 - Psychological round number
  • RES 1: $88.84 - High Jan 28
  • PRICE: $87.84@ 07:07 GMT Jan 31
  • SUP 1: $85.01 - Low Jan 26
  • SUP 2: $82.41/81.90 - 20-day EMA / Low Jan 24
  • SUP 3: $78.39/77.34 - 50-day EMA / Low Jan 10
  • SUP 4: $74.01 - Low Jan 3

The uptrend in WTI futures resumed last week following the break of resistance at $87.10, Jan 20 high. This maintains the bullish price sequence of higher or higher highs and higher lows and moving average conditions remain in a bull mode. Attention is on the psychological $90.00 handle next as price continues to climb. On the downside, key short-term support has been defined at $81.90, the Jan 24 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.