Free Trial

(M2) Bullish Following Last Week’s Triangle Breakout

WTI TECHS
  • RES 4: $119.95 - High Mar 8
  • RES 3: $118.13 - High Mar 9
  • RES 2: $113.51/113.90 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
  • RES 1: $111.37 - High May 5
  • PRICE: $109.32 @ 07:13 BST May 9
  • SUP 1: $104.05 - 20-day EMA
  • SUP 2: $100.28/95.28 - Low May 2 / Low Apr 25
  • SUP 3: $92.60 - Low Apr 11 and a key support
  • SUP 4: $90.37 - Low Mar 15 and a bear trigger

WTI futures maintain a bullish tone. Price has recently broken out of its triangle - to the upside - and this strengthens the short-term condition for bulls. Resistance at $109.20, the Apr 18 high, has been cleared. The breach signals scope for a continuation higher and opens $113.51, the Mar 24 high. Initial firm support lies at $100.28, the May 2 low. A break of this support would be bearish.

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.