MNI BRIEF: Cautious Policy Adjustments Eyed - BOJ's Nakagawa

MNI: PBOC Net Injects CNY209.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1182 Weds; +2.35% Y/Y

CHINA PBOC CONDUCTS CNY210 BLN VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1182 WEDS VS 7.1136

MNI BRIEF: Brazil's August Inflation 4.24%, Monthly Deflation

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

MNI: US REDBOOK: SEP STORE SALES +6.5% V YR AGO MO

US NFIB AUG SMALL BUSINESS INDEX 91.2

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

WTI TECHS: (V4) Trading Below Its Recent Highs

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: $78.54 - High Aug 12 and key resistance     
  • PRICE: $74.77 @ 07:19 BST Aug 29
  • SUP 1: $73.82/70.88 - Low Aug 28 / 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 traded sharply higher Monday. However, price has pulled back from its latest highs and again traded lower yesterday. A resumption of gains would refocus attention on key resistance at $78.54, the Aug 12 high. Clearance of this level would highlight a stronger bullish reversal. For bears, an extension lower would once again expose the $70.88 key support.

155 words

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.
  • 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: $74.77 @ 07:19 BST Aug 29
  • SUP 1: $73.82/70.88 - Low Aug 28 / 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 traded sharply higher Monday. However, price has pulled back from its latest highs and again traded lower yesterday. A resumption of gains would refocus attention on key resistance at $78.54, the Aug 12 high. Clearance of this level would highlight a stronger bullish reversal. For bears, an extension lower would once again expose the $70.88 key support.