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(J2) Looking To Retest The $100.00 Handle

WTI TECHS
  • RES 4: $105.25 - High Jul 22, 2014 (cont)
  • RES 3: $103.28 - 3.50 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $102.01 - 3.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $100.54 - High Feb 24
  • PRICE: $96.88 @ 07:05 GMT Feb 28
  • SUP 1: $90.06 - Low Feb 23 and a key support
  • SUP 2: $87.46 - Low Feb 18
  • SUP 3: $84.92 - Low Feb 1
  • SUP 4: $84.38 - 50-day EMA

WTI futures traded higher last Thursday and confirmed a resumption of the underlying uptrend and an extension of the bullish price sequence of higher highs and higher lows. The $100.00 level has been probed and a clear breach of this psychological barrier would strengthen current trend conditions. This would open 102.01 next, a Fibonacci projection. On the downside, initial support is seen at $90.06, Friday’s low.

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