Free Trial

WTI TECHS: (G4) Watching Resistance At The 50-Day EMA

OIL TECHS

RES 4: $84.18 - High Oct 24

RES 3: $82.64 - High Nov 3

RES 2: $79.67 - High Nov 30 and a key short-term resistance

RES 1: $75.87/76.18 - 50-day EMA / High Dec 26

PRICE: $75.52 @ 07:15 GMT Dec 27

SUP 1: $70.99 - Low Dec 18

SUP 2: $67.98/07 - Low Dec 13 and the bear trigger / Low Jun 23

SUP 3: $65.24 - Low May 4 and a key support

SUP 4: $63.79 - 2.236 proj of the Sep 28 - Oct 6 - Oct 20 price swing

Bearish conditions in WTI futures remain intact and recent gains still appear to be a correction. Resistance to watch is $75.87, the 50-day EMA. The average was pierced yesterday. A clear break of it would strengthen a bullish theme and highlight a stronger reversal. For bears, moving average studies are in a bear-mode position, highlighting a downtrend. The bear trigger lies at $67.98, the Dec 13 low. A break would resume the downtrend.

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.