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(V2) Trades Through 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: $96.68 - High Aug 1
  • PRICE: $95.23 @ 07:09 BST Aug 25
  • 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

WTI futures traded continue to climb. This week’s gains have improved the short-term outlook for bulls. Resistance at $94.17, Aug 11 high and the 50-day EMA, at $94.34 have been cleared, highlighting a short-term reversal and this signals scope for a climb towards $99.75, the Jul 29 high. On the downside, key support has been defined at $85.37, Aug 16 low. This level is the bear trigger.

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