Free Trial

(J4) Corrective Bounce Off Lows

WTI TECHS
  • RES 4: $85.75 - High Sep 19 and a key resistance
  • RES 3: $84.66 - High Oct 20
  • RES 2: $82.34 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
  • RES 1: $78.52 - High Feb 16 and key resistance
  • PRICE: $77.91 @ 08:43 GMT Feb 23
  • SUP 1: $75.25/71.49 - 50-day EMA / Low Feb 5
  • SUP 2: $69.79 - Low Jan 3
  • SUP 3: $68.57 - Low Dec 13 and the bear trigger
  • SUP 4: $65.41 - Low Jun 12

Gains off the Feb 5 low still appear corrective at these levels. Key short-term resistance has been defined at $78.52, the Feb 16 high - a level untroubled by the recovery off this week’s low. Clearance of this level would be a bullish development. On the downside, support to watch lies at $71.49, the Feb 5 low. A break of this level would reinstate the recent bearish theme and pave the way for a move towards $69.79, the Jan 3 low.

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.