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(U2) Watching Resistance At The 50-Day EMA

WTI TECHS
  • RES 4: $113.87 - High Jun 17
  • RES 3: $111.14 - High Jun 29 and a key near-term resistance
  • RES 2: $108.28- High Jul 5
  • RES 1: $101.03 - 50-day EMA
  • PRICE: $98.53 @ 07:11 BST Jul 28
  • SUP 1: $93.01/88.23 - Low Jul 25 / Low Jul 14 and the bear trigger
  • 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 are trading higher and above the most recent lows. The contract however continues to trade below the 50-day EMA, at $101.03. Clearance of this average is required to strengthen bullish conditions and signal scope for a stronger reversal. A resumption of weakness would open $88.23, the Jul 14 low and the bear trigger. A breach of this level, would confirm a resumption of the downtrend and expose $85.37, Mar 15 low.

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