Free Trial

(V20) Remains Below Recent Highs

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: $42.38 @ 06:48 BST Aug 24
  • SUP 1: $41.46 - Low Aug 21
  • SUP 2: $39.89 - Low Aug 3
  • SUP 3: $39.00 - Low Jul 10 and 30
  • SUP 4: $37.89 - Low Jun 29

WTI futures traded lower again Friday but did recover off the day low. The uptrend remains intact, however a bearish threat appears to be developing. Weakness below Friday's low of $41.46, would signal scope for a deeper pullback and open $39.89, Aug 3 low and potentially the major support at $39.00, Jul 30 low. The key resistance to watch remains $43.68, Aug 5 high. A break would confirm a resumption of the uptrend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.