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WTI TECHS: (X4) Has Cleared The 50-Day EMA

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: $75.20 - 61.8% retracement of the Jul 5 - Sep 10 bear leg  
  • PRICE: $73.59 @ 06:59 BST Oct 4
  • SUP 1: $70.15 - 20-day EMA   
  • SUP 2: $66.33/64.61 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures traded higher Thursday, extending the rally that started on Oct 1. Short-term gains appear to be corrective, however, the break of the 50-day EMA suggests potential for an extension near-term. This has exposed $75.20, a Fibonacci retracement. On the downside, initial support to watch is $70.15, the 20-day EMA. A clear break of this level would highlight a potential reversal and a resumption of the downtrend.

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  • 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: $75.20 - 61.8% retracement of the Jul 5 - Sep 10 bear leg  
  • PRICE: $73.59 @ 06:59 BST Oct 4
  • SUP 1: $70.15 - 20-day EMA   
  • SUP 2: $66.33/64.61 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.89 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures traded higher Thursday, extending the rally that started on Oct 1. Short-term gains appear to be corrective, however, the break of the 50-day EMA suggests potential for an extension near-term. This has exposed $75.20, a Fibonacci retracement. On the downside, initial support to watch is $70.15, the 20-day EMA. A clear break of this level would highlight a potential reversal and a resumption of the downtrend.