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WTI TECHS: (J4) Bull Cycle Extends

WTI TECHS
  • RES 4: $85.75 - High Sep 15 and a key resistance
  • RES 3: $84.66 - High Oct 20
  • RES 2: $81.70 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
  • RES 1: $79.62 - Intraday high
  • PRICE: $79.29 @ 15:18 GMT Feb 28
  • SUP 1: $75.69/71.49 - 50-day EMA / Low Feb 5
  • SUP 2: $69.79 - Low Jan 3
  • SUP 3: $68.57 - Low Dec 13 and the bear trigger
  • SUP 4: $65.41 - Low Jun 12

WTI futures traded higher again Wednesday and in the process, the contract has delivered a print above key resistance at $79.09, the Jan 29 high. This cancels the recent bearish theme and instead highlights potential for a continuation higher near-term, towards $81.70 next, a Fibonacci retracement. On the downside, support to watch is at $75.69, the 50-day EMA. A break would instead signal a possible top.

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