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WTI TECHS: (V4) Recovery Extends  

WTI TECHS
  • RES 4: $83.45 - High Apr 12 and a medium-term bull trigger
  • RES 3: $82.62 - High Jul 5 
  • RES 2: $80.82 - High Jul 18  
  • RES 1: $78.54 - High Aug 12 and key resistance     
  • PRICE: $77.50 @ 14:44 BST Aug 26
  • SUP 1: $75.04/70.88 - Intraday low / Low Aug 5 and the bear trigger   
  • SUP 2: $70.43 - Low Feb 5
  • SUP 3: $68.92 - Low Dec 13 2023
  • SUP 4: $66.66 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

WTI futures have recovered from their recent lows and the contract is trading sharply higher today. The move is considered corrective, however, price has breached resistance at $76.26, the 50-day EMA. The clear break of the average undermines the recent bearish theme and attention turns to key resistance at $78.54, the Aug 12 high. For bears, a reversal lower would refocus attention on $70.88 key support.

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