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Free Access(J4) Support Remains Intact
- RES 4: $85.75 - High Sep 15 and a key resistance
- RES 3: $84.66 - High Oct 20
- RES 2: $81.70 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
- RES 1: $80.85 - High Mar 1
- PRICE: $79.82 @ 07:08 GMT Mar 14
- SUP 1: $76.73/71.49 - 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
WTI futures traded higher yesterday. This reinforces a bullish theme and suggests the latest pullback was a correction. The recent breach of key resistance at $79.09, the Jan 29 high, highlights potential for a continuation towards $81.70, a Fibonacci retracement. On the downside, support to watch is $76.73, the 50-day EMA. A break of this average would instead signal a possible top.
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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.