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WTI TECHS: (F5) Resistance Remains Intact

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $80.25 - High Jul 5  
  • RES 3: $78.03 - High Jul 18
  • RES 2: $74.83/77.04 - High Oct 10 / 8 and the bull trigger
  • RES 1: $72.41 - High Nov 7   
  • PRICE: $70.27 @ 07:20 GMT Nov 22
  • SUP 1: $66.32 - Low Oct 29     
  • SUP 2: $65.74/63.90 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $62.73 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures have traded higher this week. However, a bearish theme remains intact. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.41, the Nov 7 high.

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  • RES 4: $80.25 - High Jul 5  
  • RES 3: $78.03 - High Jul 18
  • RES 2: $74.83/77.04 - High Oct 10 / 8 and the bull trigger
  • RES 1: $72.41 - High Nov 7   
  • PRICE: $70.27 @ 07:20 GMT Nov 22
  • SUP 1: $66.32 - Low Oct 29     
  • SUP 2: $65.74/63.90 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $62.73 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures have traded higher this week. However, a bearish theme remains intact. Attention is on $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Clearance of this level would resume the recent uptrend. Initial firm resistance is $72.41, the Nov 7 high.