MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI: SWEDEN NOV UNEMPLOYMENT 7.4%

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: (X4) Fades Off 50-day EMA Resistance

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $79.69 - High Jul 18
  • RES 3: $77.70 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 2: $76.40 - High Aug 26 
  • RES 1: $72.40/25 - High Sep 24 / 50-day EMA   
  • PRICE: $68.02 @ 08:04 BST Sep 26
  • SUP 1: $67.16/64.61 - Low Sep 26 / 10 and the bear trigger    
  • SUP 2: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $60.00 - Psychological round number 
  • SUP 4: $57.07 - 2.2368 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures are softer for a second session, reversing a large part of recent gains. This affirms the strength of resistance at the 50-day EMA of 72.25, which remains the key upside level. This price action confirms the recovery since Sep 9 as a correction. Note that MA studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.          

171 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: $79.69 - High Jul 18
  • RES 3: $77.70 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 2: $76.40 - High Aug 26 
  • RES 1: $72.40/25 - High Sep 24 / 50-day EMA   
  • PRICE: $68.02 @ 08:04 BST Sep 26
  • SUP 1: $67.16/64.61 - Low Sep 26 / 10 and the bear trigger    
  • SUP 2: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $60.00 - Psychological round number 
  • SUP 4: $57.07 - 2.2368 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures are softer for a second session, reversing a large part of recent gains. This affirms the strength of resistance at the 50-day EMA of 72.25, which remains the key upside level. This price action confirms the recovery since Sep 9 as a correction. Note that MA studies are in a bear-mode set-up, highlighting a dominant downtrend. A reversal lower would refocus attention on $64.61, the Sep 10 low and bear trigger.