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(U1) More Comfortable Below 50-Day EMA

WTI TECHS
  • 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: $73.68/74.90 - High Jul 29 / High Jul 13
  • PRICE: $67.92 @ 16:46 BST Aug 11
  • SUP 1: $65.15 - Low Aug 09
  • 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 levelled off Wednesday, holding above the Monday high and erasing the weakness seen at the beginning of the week. Nonetheless, prices hold south of the 50-day EMA at 69.73, which switches from support to resistance. This re-initiates the downside argument, opening $65.01, Jul 20 low and the key support. To resume recent gains, WTI needs to top the 50-dma at 70.96 initially well ahead of Jul30 highs of 74.23.

Energy BulletsCommodities
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