MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

BOC WILL BE CONSDIERING FURTHER RATE CUTS

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 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: $73.51 - 50-day EMA  
  • RES 1: $71.92 - High Sep 17     
  • PRICE: $70.79 @ 07:18 BST Sep 18
  • 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 are holding on to their latest gains. The move higher since Sep 9, appears - for now - to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point. The 20-day EMA, at $70.99, has been pierced. A clear break of it would open $73.51, the 50-day EMA.

161 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: $73.51 - 50-day EMA  
  • RES 1: $71.92 - High Sep 17     
  • PRICE: $70.79 @ 07:18 BST Sep 18
  • 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 are holding on to their latest gains. The move higher since Sep 9, appears - for now - to be a correction. Recent weakness reinforced a bearish condition and note that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of the downtrend would open $63.93 next, a Fibonacci projection point. The 20-day EMA, at $70.99, has been pierced. A clear break of it would open $73.51, the 50-day EMA.