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(H3) Recovery Fades, But Medium-Term View Unchanged

  • RES 4: $87.00 - High Nov 14
  • RES 3: $85.33 - 76.4% retracement of the Nov 7 - Dec 9 bear leg
  • RES 2: $83.14 - High Dec 1 and a key resistance
  • RES 1: $80.62 - High Feb 13
  • PRICE: $78.73 @ 15:30 GMT Feb 16
  • SUP 1: $76.52 - Low Feb 9
  • SUP 2: $72.25 - Low Feb 6
  • SUP 3: $70.56 - Low Dec 9 and the bear trigger
  • SUP 4: $70.00 - Psychological round number

WTI futures showed above the Friday high ahead of the Monday close, marking an extension of the recovery from $72.25, the Feb 6 low. The rally has confirmed a break of the 50-day EMA, at $78.34, strengthening the current bull cycle. Prices have faded slightly since, however the medium-term view remains unchanged. Key resistance remains at $82.66, the Jan 18 high. On the downside, initial firm support has been defined at $76.52, the Feb 9 low.

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