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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: $75.28 @ 07:37 BST Oct 11
  • SUP 1: $71.99 - 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 $71.99, the 20-day EMA.            

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  • 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: $75.28 @ 07:37 BST Oct 11
  • SUP 1: $71.99 - 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 $71.99, the 20-day EMA.