Free Trial

(N4) Gains Appear To Be A Correction

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $86.93 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 2: $83.63/86.16 - High Apr 26 / 12 and the bull trigger
  • RES 1: $80.90 - High May 1
  • PRICE: $80.10 @ 07:18 BST May 29
  • SUP 1: $76.15 - Low May 24
  • SUP 2: $75.64 - Low Mar 11
  • SUP 3: $73.24 - 76.4% retracement of the Dec 13 - Apr 12 bull leg
  • SUP 4: $71.33 - Low Feb 5

WTI futures traded higher yesterday and the contract is holding on to its most recent gains. The trend direction remains down and the latest recovery appears to be a correction - for now. A resumption of weakness would signal scope for a move towards $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $83.63, the Apr 26 high.

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.