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WTI TECHS: (X4) Tests Resistance At The 50-Day EMA

WTI TECHS
Energy 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: $72.40/35 - High Sep 24 / 50-day EMA   
  • PRICE: $71.23 @ 07:03 BST Sep 25
  • SUP 1: $67.58/64.61 - Low Sep 13 / 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: $57.069 - 2.2368 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA has been pierced and the next resistance to watch is $72.35, the 50-day EMA. It has been pierced, a clear break of it would undermine a bear theme. 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. 

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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: $72.40/35 - High Sep 24 / 50-day EMA   
  • PRICE: $71.23 @ 07:03 BST Sep 25
  • SUP 1: $67.58/64.61 - Low Sep 13 / 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: $57.069 - 2.2368 proj of the Apr 12 - Jun 4 - Jul 5 price swing

WTI futures are holding on to their recent gains. The recovery since Sep 9, appears - for now - to be a correction. The 20-day EMA has been pierced and the next resistance to watch is $72.35, the 50-day EMA. It has been pierced, a clear break of it would undermine a bear theme. 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.