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Free Access(M20) Heavy As The Market Remains Below...>
WTI TECHS: (M20) Heavy As The Market Remains Below $20.00
*RES 4: $24.92 - High Apr 16
*RES 3: $22.58 - Intraday high
*RES 2: $20.00 - Psychological round number
*RES 1: $17.71 - Intraday reaction high
*PRICE: $16.17 @ 12:40 BST Apr 21
*SUP 1: $11.79 - Intraday low
*SUP 2: $10.00 - Psychological round number
*SUP 3: $8.79 - 1.764 wave projection of Jan 8 - Feb 4 decline from Apr 9 high
*SUP 4: $5.53 - 2.000 wave projection of Jan 8 - Feb 4 decline from Apr 9 high
WTI futures remain volatile having suffered sharp losses earlier today, trading
down to a low of $11.79. From a technical perspective, trend reading remains
clearly bearish and the direction of least resistance is still south. The focus
is on a test of the psychological $10.00 level, should $11.79 give way.
Clearance of $10.00 would open $8.79, a Fibonacci projection. In terms of trying
to identify resistance, $20.00 is seen as the first important level. Heavy!
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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.