Free Trial

(V1) Holding Onto Gains

WTI TECHS
  • RES 4: $71.29 - High Aug 3
  • RES 3: $70.74 - 764.% retracement of the Jul 30 - Aug 23 sell-off
  • RES 2: $69.39 - High Aug 12 and key near-term resistance
  • RES 1: $68.54 - High Aug 25
  • PRICE: $68.06 @ 07:00 BST Aug 26
  • SUP 1: $65.41 - Low Aug 24
  • SUP 2: $61.74 - Low Aug 23
  • SUP 3: $60.81 - 1.236 proj of the Jul 6 - 20 - 30 price swing
  • SUP 4:$60.68 - Low May 21

WTI futures have rallied this week and remain firm. The recovery from Monday's low has defined a key short-term support at $61.74, Aug 23 low where a break is required to reinstate a bearish theme. Short-term, the outlook appears bullish and Monday's price pattern was a bullish engulfing candle, highlighting a reversal. The contract has traded above the 50-day EMA. This opens $69.39, Aug 12 high.

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.