Free Trial

(J2) Needle Still Points North

WTI TECHS
  • RES 4: $140.00 - Psychological round number
  • RES 3: $135.61 - 3.764 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 2: $132.75 - 3.618 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 1: $130.50 - High MAr 7
  • PRICE: $122.70 @ 07:11 GMT Mar 8
  • SUP 1: $115.54 - Low Mar 7
  • SUP 2: $105.18 - Low Mar 2
  • SUP 3: $95.32 - Low Mar 1
  • SUP 4: $90.06 - Low Feb 23 and a key support

WTI futures remain in a clear uptrend despite the pullback from yesterday’s session high. Fresh cycle highs reinforce the current trend direction and mark an extension of the underlying bullish sequence of higher highs and higher lows. Moving average studies also point north, highlighting current sentiment. The focus is on $132.75, a Fibonacci projection. On the downside, initial support lies at Monday’s intraday low of $115.54.

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.