MNI POLICY: Cracks On MPC But Gradualism Holds, Bailey Nuanced

MNI BRIEF: Fed's Goolsbee Sees Rates 'A Fair Bit Lower'

MNI: BLS: NET REVISIONS TO JULY, AUG PAYROLLS +72K

MNI NBP WATCH: Rates Held As Energy, Wages Push Up Prices

MNI BRIEF: NBP Keeps Key Interest rates unchanged

MNI BRIEF: Turkish Inflation Expectations Ease As CBRT Holds

Economic Data Calendar

CANADA SEP IVEY PURCHASING MANAGERS INDEX 53.1 SA

EZ/UK Bond Supply Calendar: BoE APF Monday; EU Syndication

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(U4) Pierces Key Support

WTI TECHS
Homepagemarkets-real-timeCommoditiesEnergy BulletsBulletEnergy Technical Analysis
  • RES 4: $84.36 - High Apr 12 and the bull trigger
  • RES 3: $83.58 - High Jul 5
  • RES 2: $82.27 - High Jul 18
  • RES 1: $74.59/78.88 - Low Jul 30 / High Aug 1
  • PRICE: $73.23 @ 07:19 BST Aug 7
  • SUP 1: $71.67 - Low Aug 5
  • SUP 2: $70.73 - Low Feb 5
  • SUP 3: $69.16 - Low Dec 13 2023
  • SUP 4: $67.37 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing

A bear threat in WTI futures remains present and the contract traded lower Monday, extending the current downtrend. Sights are on the next key support at $72.23, the Jun 4 low. It has been pierced, a clear break would reinforce bearish conditions and pave the way for an extension towards $70.73, the Feb 5 low. Key resistance is seen at $78.88, the Aug 1 high. Short-term gains would allow an oversold condition to unwind.

153 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • RES 4: $84.36 - High Apr 12 and the bull trigger
  • RES 3: $83.58 - High Jul 5
  • RES 2: $82.27 - High Jul 18
  • RES 1: $74.59/78.88 - Low Jul 30 / High Aug 1
  • PRICE: $73.23 @ 07:19 BST Aug 7
  • SUP 1: $71.67 - Low Aug 5
  • SUP 2: $70.73 - Low Feb 5
  • SUP 3: $69.16 - Low Dec 13 2023
  • SUP 4: $67.37 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing

A bear threat in WTI futures remains present and the contract traded lower Monday, extending the current downtrend. Sights are on the next key support at $72.23, the Jun 4 low. It has been pierced, a clear break would reinforce bearish conditions and pave the way for an extension towards $70.73, the Feb 5 low. Key resistance is seen at $78.88, the Aug 1 high. Short-term gains would allow an oversold condition to unwind.