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WTI TECHS: (U4) Outlook Deteriorates Further

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $87.43 - 1.00 proj of the Dec 13 ‘23 - Apr 12 - Jun 4 swing 
  • RES 2: $84.36 - High Apr 12 and the bull trigger
  • RES 1: $83.58 - High Jul 5   
  • PRICE: $77.35 @ 08:08 BST Jul 25
  • SUP 1: $76.92 - 3.0% 10-dma envelope
  • SUP 2: $76.40 - Low Jul 22
  • SUP 3: $72.23 - Low Jun 4 and a key support 
  • SUP 4: $70.73 - Low Feb 5 

Weakness through Tuesday and the broad commodity sell-off resulted in a new low for WTI futures at $76.40, breaking the Monday low in the process. Vol band based support undercuts from here at 76.52, ahead of key support at the Jun 4 low of 72.23. Initial key resistance to watch is $83.58, the Jul 5 high, and a break and close above this level is needed ahead of any test on the 84.36 bull trigger.

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