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(V20) Probes 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: $43.78 - High Aug 26 and the intraday bull trigger
  • PRICE: $43.44 @ 07:01 BST Aug 27
  • 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 are holding onto this week's gains that yesterday resulted in a probe of key resistance at $43.68, Aug 5 high and the key bull trigger. A clear break would confirm a resumption of the underlying uptrend and 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 instead highlight a bearish threat. Bullish!

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