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(J1) Uptrend Resumes

WTI TECHS
  • RES 4: $65.66 - 1.764 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $64.00 - Round number resistance
  • RES 2: $63.17 - 1.618 proj of Apr - Aug rally from the Nov 2 low
  • RES 1: $63.00 - High Feb 23
  • PRICE: $61.67 @ 19:14 Feb 23
  • SUP 1: $58.59 - Low Feb 19
  • SUP 2: $57.31 - Low Feb 12
  • SUP 3: $56.63 - 20-day EMA
  • SUP 4: $54.94 - Bull channel base drawn off the Nov 2, 2020 low

After the bull run paused slightly at the tail-end of last week, WTI futures resumed their rally Tuesday, shifting the high watermark up to $63/bbl. This confirms a resumption of the underlying uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $63.17 next, a Fibonacci projection. On the downside, the near-term firm support lies at $57.31, the Feb 12 low. Initial support is at $58.59, Friday's low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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