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(Q4) Watching Support At The 50-Day EMA

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: $80.59@ 07:22 BST Jul 17
  • SUP 1: $80.10 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 traded lower this week marking an extension of the current corrective cycle. Support to watch lies at $80.10, the 50-day EMA. A clear break of this level would signal scope for a deeper retracement and open $74.94, the Jun 10 low. For bulls, a reversal would refocus attention on resistance at $84.52, the Jul 5 high. Clearance of this level would resume the bull cycle.

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