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WTI TECHS: (V4) Starts The Week On A Bearish Note

WTI TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • 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: $76.09/78.54 - 50-day EMA / High Aug 12 and key resistance     
  • PRICE: $74.05 @ 07:14 BST Sep 3
  • SUP 1: $70.88 - 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 pulled back from last week’s high and has traded to a fresh near-term low, today. A continuation down would expose the $70.88 key support, the Aug 5 low. A break of this level would confirm a resumption of the bear cycle that started Apr 12.  For bulls, a reversal higher would once again refocus attention on key resistance at $78.54, the Aug 12 high. Clearance of this hurdle would be a bullish development

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  • 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: $76.09/78.54 - 50-day EMA / High Aug 12 and key resistance     
  • PRICE: $74.05 @ 07:14 BST Sep 3
  • SUP 1: $70.88 - 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 pulled back from last week’s high and has traded to a fresh near-term low, today. A continuation down would expose the $70.88 key support, the Aug 5 low. A break of this level would confirm a resumption of the bear cycle that started Apr 12.  For bulls, a reversal higher would once again refocus attention on key resistance at $78.54, the Aug 12 high. Clearance of this hurdle would be a bullish development