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(V20) Pressuring Support

WTI TECHS
  • RES 4: $45.00 - Round number resistance
  • RES 3: $44.40 - Low Mar 2
  • RES 2: $43.78 - High Aug 26 and the intraday bull trigger
  • RES 1: $43.21 - High Sep 2
  • PRICE: $41.43 @ 06:50 BST Sep 3
  • SUP 1: $41.23 - Low Sep 2 and the intraday bear trigger
  • 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

WTI futures sold off sharply yesterday extending the pullback from the recent high of $43.78, Aug 26 high. Yesterday's move resulted in a breach of support at $41.46, Aug 21 low and a probe of the 50-day EMA that intersects at $41.27. A clear break of both these supports would signal a short-term top and the start of a deeper correction. On the upside, initial resistance is seen at $43.21, yesterday's high.

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