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(V1) Corrective Pullback

WTI TECHS
  • RES 4: $76.43 - 1.00 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • RES 3: $75.00 - Round number resistance
  • RES 2: $74.77 - High Jul 7 and the bull trigger
  • RES 1: $73.14/52 - High Sep 15 / High Jul 30
  • PRICE: $70.90 @ 70:90 BST Sep 21
  • SUP 1: $69.78 - 20-day EMA
  • SUP 2: $67.56 - Low Sep 9 and key support
  • SUP 3: $65.41 - Low Aug 24
  • SUP 4: $61.74 - Low Aug 23 and the bear trigger

WTI futures maintain a bullish outlook following last week's gains and despite yesterday's weakness that is for now, considered a correction. Last week's gains resulted in a break of $71.30, the bear channel top drawn off the Jul 6 high. The move higher strengthens a bullish theme and signals scope for further S/T gains. The focus is on $73.52 next, Jul 30 high ahead of the primary resistance at $74.77, Jul 7 high. Key support is at $67.56, Sep 9 low.

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