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(U2) Bounce Extends

WTI TECHS
  • RES 4: $111.14 - High Jun 29
  • RES 3: $108.28 - High Jul 5
  • RES 2: $101.88 - High Jul 29 and key resistance
  • RES 1: $94.40/98.12 - 20- and 50-day EMA values
  • PRICE: $93.331 @ 14:27 BST Aug 11
  • SUP 1: $87.01 - Low Aug 5
  • SUP 2: $85.37 - Low Mar 15
  • SUP 3: $83.51 - 1.50 projection of the Jun 8 - 22 - 29 price swing
  • SUP 4: $81.34 - 1.618 projection of the Jun 8 - 22 - 29 price swing

WTI futures have traded higher today and price has cleared resistance at $92.65, the Aug 9 high. The break cancels a recent bearish doji pattern and suggests scope for a stronger short-term recovery. This has exposed the 20-day EMA, at $94.40. A break of this average would expose the 50-day EMA at $98.12. On the downside, the bear trigger is at $87.01, the Aug 5 low. A breach would resume bearish activity.

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