EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

MNI: Canada Apr-Aug Budget Deficit Doubles On Spending

CANADA SEPT FLASH RETAIL SALES +0.4%, AUG SALES +0.4%

MNI China Daily Summary: Friday, October 25

MNI BRIEF: China's Next NPC Meeting Scheduled For Nov 4 to 8

MNI: PBOC Net Injects CNY184.2 Bln via OMO Friday

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

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL OCT INDEX 70.5

MNI: BELGIUM OCT BNB BUSINESS SURVEY -12.8

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA: Politics Week: Parliament Opens With Early Election Threats

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

WTI TECHS: (V4) Trend Structure Remains Bearish

WTI TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $78.54 - High Aug 12 and key resistance 
  • RES 3: $77.60 - High Aug 26 
  • RES 2: $73.96 - 50-day EMA  
  • RES 1: $71.32 - 20-day EMA     
  • PRICE: $69.31 @ 07:14 BST Sep 13
  • SUP 1: $65.27 - Low Sep 10   
  • SUP 2: $63.93 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $60.00 - Psychological round number 
  • SUP 4: $56.79 - 2.318 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirmed an extension of the bear cycle. This suggests that the most recent bounce is a short-term correction. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Firm resistance is at $71.32, the 20-day EMA. 

142 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: $78.54 - High Aug 12 and key resistance 
  • RES 3: $77.60 - High Aug 26 
  • RES 2: $73.96 - 50-day EMA  
  • RES 1: $71.32 - 20-day EMA     
  • PRICE: $69.31 @ 07:14 BST Sep 13
  • SUP 1: $65.27 - Low Sep 10   
  • SUP 2: $63.93 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $60.00 - Psychological round number 
  • SUP 4: $56.79 - 2.318 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures remain in a bearish condition. Tuesday’s strong sell-off reinforces current conditions and confirmed an extension of the bear cycle. This suggests that the most recent bounce is a short-term correction. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point, ahead of the psychological $60.00 handle. Firm resistance is at $71.32, the 20-day EMA.