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(V1) Focus Is On The Bear Channel Top

WTI TECHS
  • RES 4: $75.00 - Round number resistance
  • RES 3: $74.77 - High Jul 7 and the bull trigger
  • RES 2: $73.52 - High Jul 30
  • RES 1: $71.30 - Bear channel top drawn from the Jul 6 high
  • PRICE: $70.95 @ 07:11 BST Sep 15
  • SUP 1: $68.80 - 20-day EMA
  • SUP 2: $67.56 - Low Sep 9
  • SUP 3: $65.41 - Low Aug 24
  • SUP 4: $61.74 - Low Aug 23 and key support

WTI futures maintain a bullish outlook and the contract is holding onto recent gains. The recovery from the Aug 23 low defined a key S/T support at $61.74, Aug 23 low where a break is required to reinstate a broader bearish theme. Further gains are likely with $70.74 cleared, 76.4.% of the Jul 30 - Aug 23 sell-off. The focus is on $71.30, the bear channel top drawn from the Jul 6 high. Initial firm support lies at $67.56, Sep 9 low.

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