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(H4) Pierces Key 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: $77.48 - 50.0% retracement of the Sep 19 - Dec 13 bear leg
  • PRICE: $76.37 @ 14:15 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

WTI futures are trading higher again today. The contract has pierced resistance at $76.31, the Dec 26 high. A clear break of this hurdle would undermine the recent bearish theme and highlight a stronger short-term bullish condition. The move higher would signal scope for a climb towards $79.56, the Nov 30 high. On the downside, a reversal lower would refocus attention on $69.56, the Jan 3 low.

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