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(V20) Respects the Range

WTI TECHS
  • RES 4: $49.00 - High Mar 3
  • RES 3: $46.84 - High Mar 6
  • RES 2: $44.40 - Low Mar 2
  • RES 1: $43.68 - High Aug 5
  • PRICE: $42.39 @ 08:21 BST Aug 14
  • SUP 1: $40.58 - 50-dma
  • SUP 2: $39.00 - Low Jul 30 and key near-term pivot
  • SUP 3: $37.56 - Low Jun 25 and a reversal trigger
  • SUP 4: $35.25 - Low Jun 12 and key support

Bulls made light work of the $42.51 resistance last week, but this failed to ignite any broader rally as prices continue to consolidate. $44.40 and $46.84 are the next upside targets. Downside focus remains on key near-term pivot support at $39.00 which, if broken, would open $37.56, Jun 25 low. A breach of this latter level would also signal the start of a more significant reversal.

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