Free Trial

(J20) Corrective Bounce *RES 4: $52.64....>

WTI TECHS
WTI TECHS: (J20) Corrective Bounce
*RES 4: $52.64 - High Feb 24
*RES 3: $52.02 - High Feb 25
*RES 2: $49.50 - Low Feb 4 and former breakout
*RES 1: $48.55 - Intraday high
*PRICE: $47.40 @ 07:44 GMT Mar 3
*SUP 1: $43.32 - Low Mar 2
*SUP 2: $42.51 - 150.0% retracement projection of the Oct 3 - Jan 8 rally
*SUP 3: $40.74 - 161.8% retracement projection of the Oct 3 - Jan 8 rally
*SUP 4: $40.00 - Psychological round number
WTI rebounded yesterday as the recent risk-averse mood eased somewhat. The
outlook though remains bearish. Futures registered a fresh low again yesterday.
Last week's sell-off resulted in a break of $49.50, Feb 4 low confirming a
resumption of the bear trend. The move lower reinforces the bearish price
sequence of lower lows and lower highs and keeps bears in control. Attention is
on $42.51 next, a Fibonacci retracement projection. Resistance is $49.50.

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.