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(V20) Focus Is On Key Resistance

WTI TECHS
  • RES 4: $46.84 - High Mar 6
  • RES 3: $45.00 - Round number resistance
  • RES 2: $44.40 - Low Mar 2
  • RES 1: $43.68 - High Aug 5 and the bull trigger
  • PRICE: $43.35 @ 06:34 BST Aug 26
  • SUP 1: $41.46 - Low Aug 21 and key near term key support
  • SUP 2: $39.89 - Low Aug 3
  • SUP 3: $39.00 - Low Jul 10 and 30 and a reversal trigger
  • SUP 4: $37.89 - Low Jun 29

The WTI futures traded higher again yesterday. The climb has exposed key resistance at $43.68, Aug 5 high and the key bull trigger. A break would negate recent bearish concerns and more importantly confirm a resumption of the underlying uptrend. This would open $45.00 initially. On the downside, key near-term support has been defined at $41.46, Aug 21 low. A breach would highlight a bearish threat.

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