Free Trial

(H4) Maintains A Softer Tone

WTI TECHS
  • RES 4: $86.68 - High Sep 19 and a key resistance
  • RES 3: $85.71 - High Oct 20
  • RES 2: $82.34 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
  • RES 1: $76.95/79.29 - High Feb 1 / High Jan 29 and a key resistance
  • PRICE: $73.32 @ 07:08 GMT Feb 7
  • SUP 1: $70.62 - Low Jan 17
  • SUP 2: $69.56 - Low Jan 3
  • SUP 3: $68.28 - Low Dec 13 and the bear trigger
  • SUP 4: $65.63 - Low Jun 12

WTI futures remain soft following last week’s steep sell-off. The move lower undermines the recent bullish theme and a continuation would expose support at $70.62, the Jan 17 low, and $69.56, the Jan 3 low. For bulls, a reversal higher is required to refocus attention on the key short-term resistance at $79.29, the Jan 29 high. Clearance of this level would reinstate a bullish theme. Initial resistance is at $76.95, the Feb 1 high.

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.