FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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) Trend Outlook Remains Bullish

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $82.59 - High Apr 12 and a key resistance   
  • RES 3: $81.75 - High Jul 5 
  • RES 2: $79.69 - High Jul 18
  • RES 1: $78.46 - High Oct 8  
  • PRICE: $73.87 @ 07:23 BST Oct 10
  • SUP 1: $71.58 - 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 Monday as the pair extended the rally that started Oct 1. Tuesday’s reversal is for now, considered corrective. Recent gains  suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $71.58, the 20-day EMA.

155 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: $82.59 - High Apr 12 and a key resistance   
  • RES 3: $81.75 - High Jul 5 
  • RES 2: $79.69 - High Jul 18
  • RES 1: $78.46 - High Oct 8  
  • PRICE: $73.87 @ 07:23 BST Oct 10
  • SUP 1: $71.58 - 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 Monday as the pair extended the rally that started Oct 1. Tuesday’s reversal is for now, considered corrective. Recent gains  suggest potential for a continuation higher near-term. Attention is on $77.40, the 76.4% retracement of the Jul 5 - Sep 10 bear leg. This level has been pierced, a clear break of it would strengthen a bullish condition. On the downside, initial firm support to watch is $71.58, the 20-day EMA.