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(V20) Clears Key Support

WTI TECHS
  • RES 4: $44.40 - Low Mar 2
  • RES 3: $43.78 - High Aug 26 and the bull trigger
  • RES 2: $43.21 - High Sep 2
  • RES 1: $41.87/42.10 Friday's high / 20-day EMA
  • PRICE: $39.01 @ 06:27 BST Sep 8
  • SUP 1: $38.55 - Intraday low
  • SUP 2: $37.56 - Low Jun 25
  • SUP 3: $35.94 - 38.2% retracement of the Apr - Aug rally
  • SUP 4: $32.66 - Low May 28

WTI futures remain vulnerable following last week's sell-off and price action has traded lower today. Today's move lower has resulted in a break of former support at $39.00, Jul 10 and 30 low and a reversal trigger. This has reinforced current bearish conditions, paving the way for weakness towards $37.56 next, Jun 25 low. On the upside, resistance is seen at $41.87, Friday's high.

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