Free Trial

(Q1) Support Remains Intact

WTI TECHS
  • RES 4: $77.35 - 1.618 proj of Mar 23 - May 18 - May 21 price swing
  • RES 3: $76.18 - 1.50 proj of Mar 23 - May 18 - May 21 price swing
  • RES 2: $75.01 - 1.382 proj of Mar 23 - May 18 - May 21 price swing
  • RES 1: $74.45 - High Jun 28
  • PRICE: $73.26 @ 07:04 BST Jun 30
  • SUP 1: $71.12/69.54 - 20-day EMA / Low Jun 17 and key S/T support
  • SUP 2: $67.74 - 50-day EMA
  • SUP 3: $66.80 - High May 18
  • SUP 4: $65.02 - Low May 26

WTI crude once again resumed its uptrend Monday extending last week's gains. Despite pulling back from the high, the outlook remains bullish. A positive price sequence of higher highs and higher lows remains intact and signals scope for further upside with attention on $75.01, a Fibonacci projection. Key support has been defined at $69.54, Jun 17 low. A break is required to signal a top. Initial support is at $71.12, the 20-day EMA.

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.