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(Q4) Support Stays Intact

WTI TECHS
  • RES 4: $90.78 - High Oct 20 2023 (cont)
  • RES 3: $90.00 - Psychological round number
  • RES 2: $85.27 - High Apr 12 and the bull trigger
  • RES 1: $84.52 - High Jul 5
  • PRICE: $83.17@ 07:16 BST Jul 12
  • SUP 1: $79.91 50-day EMA
  • SUP 2: $74.94/72.44 - Low Jun 10 / 4
  • SUP 3: $71.05 - Low Feb 5
  • SUP 4: $69.22 - Low Dec 13 ‘23 and a key support

WTI futures have recovered from Wednesday’s low and the recent bear leg appears to have been a correction. Recent cycle highs reinforced bullish conditions, signalling scope for a continuation higher near-term. Moving average studies are in a bull-mode set-up too, highlighting a rising trend. Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.91, the 50-day EMA.

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