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(V20) Recovers Off Recent Lows

WTI TECHS
  • RES 4: $43.78 - High Aug 26 and key resistance
  • RES 3: $41.87 - High Sep 4
  • RES 2: $40.04/43 - 20- and 50-day EMA
  • RES 1: $39.59 - High Sep 8
  • PRICE: $38.92 @ 06:57 BST Sep 16
  • SUP 1: $35.94 - 38.2% retracement of the Apr - Aug rally
  • SUP 2: $35.25 - Low Jun 12
  • SUP 3: $33.52 - 50.0% retracement of the Apr - Aug rally
  • SUP 4: $32.66 - Low May 28

WTI futures futures are firmer this week having managed to hold above a key retracement level at $35.94, 38.2% of the Apr - Aug rally. Further gains would open resistance at $39.59, Sep 8 high and seen as an initial key resistance. A break would suggest a possible stronger reversal. On the downside, weakness though the recent low of $36.13 and $35.94 would signal a resumption of bearish pressure.

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