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(V2) Bullish Outlook

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: $96.68 - High Aug 1
  • PRICE: $93.70 @ 07:11 BST Aug 29
  • SUP 1: $90.42/85.37 - Low Aug 23 / 16 and the bear trigger
  • SUP 2: $84.10/00 - Low Mar 15 / Round number support
  • SUP 3: $81.88 - Low Feb 25
  • SUP 4: $80.00 - Round number support

Gains last week in WTI futures have improved the short-term outlook for bulls. Resistance at $94.17, Aug 11 high, has been breached and the contract has also pierced the 50-day EMA. This highlights a stronger short-term reversal and signals scope for a climb towards $99.75, the Jul 29 high. On the downside, key support has been defined at $85.37, the Aug 16 low. This level is the bear trigger.

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