Free Trial

(V1) Remains Vulnerable

WTI TECHS
  • RES 4: $71.29 - High Aug 3
  • RES 3: $69.39 - High Aug 12 and key near-term resistance
  • RES 2: $68.10 - 20-day EMA
  • RES 1: $65.00 - Aug 9 low
  • PRICE: $63.87 @ 07:22 BST Aug 20
  • SUP 1: $62.41 - Low Aug 19
  • SUP 2: $60.81 - 1.236 proj of the Jul 6 - 20 - 30 price swing
  • SUP 3: $60.68 - Low May 21
  • SUP 4: $59.56 - Low Apr 22

WTI futures remain bearish. The contract has cleared the former key support at $64.49, Jul 20 low. The break of this bear trigger strengthens a bearish case and signals scope for a deeper retracement. Moving average studies remain in bull mode, however a confirmed switch to bearish would reinforce a stronger bearish threat. Key resistance has been defined at $69.39, Aug 12 high. Initial resistance is at $65.00, Aug 9 low.

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.