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  • RES 4: $76.90 High Oct 3, 2018 (cont)
  • RES 3: $76.48 0.764 proj of the May 21 - Jul 6 - Jul 20 price swing
  • RES 2: $76.07 - High Jul 6 and the bull trigger
  • RES 1: $74.90 - High Jul 29
  • PRICE: $73.07 @ 07:01 BST Jul 30
  • SUP 1: $69.86 - 50-day EMA
  • SUP 2: $65.01/64.60 - Low Jul 20 / 76.4% of the May 21 - Jul 6 rally
  • SUP 3: $63.10 - Low May 24
  • SUP 4: $61.06 - Low May 21 and key support

WTI futures are firmer and yesterday resumed the rebound from $65.01, Jul 20 low. Price has breached the 76.4% retracement of the Jul 6 - 20 downleg at $73.46. The break strengthens a bullish case and has put on hold a recent bearish theme. This signals scope for a climb towards key resistance at $76.07, the Jul 6 high. A reversal lower would refocus attention on $65.01, Jul 20 low and the key support.