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(H4) Approaching Resistance

WTI TECHS
  • RES 4: $85.71 - High Oct 20
  • RES 3: $82.04 - High Nov 3
  • RES 2: $79.56 - High Nov 30 and a key short-term resistance
  • RES 1: $76.31 - High Dec 26 and the bull trigger
  • PRICE: $75.40 @ 07:13 GMT Jan 25
  • SUP 1: $69.56 - Low Jan 03
  • SUP 2: $68.28 - Low Dec 13 and the bear trigger
  • SUP 3: $65.63 - Low Jun 12
  • SUP 4: $63.00 - Low May 4 and a key support

Trend signals in WTI futures remain bearish and the latest recovery still appears to be a correction - for now. The contract has traded through the 50-day EMA at $74.28. This opens $76.31, the Dec 26 high and a near-term bull trigger. A break of this hurdle would undermine the bearish theme. Moving average studies continue to highlight a downtrend. The trigger for a resumption of the downtrend is $68.28, Dec 13 low.

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