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(V2) Approaching Key Resistance

WTI TECHS
  • RES 4: $108.07 - High Jun 29
  • RES 3: $105.00 - High Jul 5
  • RES 2: $99.75 - High Jul 29 and key resistance
  • RES 1: $97.37 - High Aug 29
  • PRICE: $96.95 @ 07:03 BST Aug 30
  • SUP 1: $91.08 - Low Aug 26
  • SUP 2: $90.42/85.37 - Low Aug 23 / 16 and the bear trigger
  • SUP 3: $84.10/00 - Low Mar 15 / Round number support
  • SUP 4: $81.88 - Low Feb 25

WTI futures traded higher Monday, clearing last week’s high and resuming the recovery that started Aug 16. This strengthens the current bullish theme and signals scope for a continuation higher - the focus is on $99.75, the Jul 29 high. Clearance of this resistance would further strengthen a bullish theme. On the downside, key support has been defined at $85.37, the Aug 16 low. Initial firm support is at $91.08, the Aug 26 low.

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