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(H3) Holding On To This Week’s Gains

WTI TECHS
  • RES 4: $85.33 - 76.4% retracement of the Nov 7 - Dec 9 bear leg
  • RES 3: $83.14 - High Dec 1 and a key resistance
  • RES 2: $80.22 - 76.4% retracement of the Jan 18 - Feb 6 bear leg
  • RES 1: $78.62 - Intraday high
  • PRICE: $78.45 @ 07:09 GMT Feb 9
  • SUP 1: $74.34/72.25 - Low Feb 7 / 6
  • SUP 2: $70.56 - Low Dec 9 and the bear trigger
  • SUP 3: $70.00 - Psychological round number
  • SUP 4: $67.44 - 1.236 proj of the Aug 25 - Sep 28 - Nov 7 price swing

WTI futures are holding on to this week’s gains. The contract has pierced resistance at the 50-day EMA - at $78.34. A clear break of this hurdle would strengthen this week’s recovery and open $80.22, a Fibonacci retracement. Clearance of $80.22 would expose the key resistance at $82.66, the Jan 18 high. On the downside, a break of $72.25, the Feb 6 low, would reinstate a bearish theme.

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