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WTI TECHS: (Z4) Still Looking For Weakness

WTI TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $80.95 - High Jul 5  
  • RES 3: $78.81 - High Jul 18
  • RES 2: $75.45/77.70 - High Oct 10 / 8 and the bull trigger
  • RES 1: $72.34 - High Oct 24   
  • PRICE: $70.43 @ 07:13 BST Oct 25
  • SUP 1: $68.17 - Low Oct 21    
  • SUP 2: $65.99/64.16 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.91 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures are trading above their recent lows. However, a bearish theme remains intact following the Oct 8 - 18 sell-off. A resumption of weakness would threaten the recent bullish theme and expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a stronger reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend.

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  • RES 4: $80.95 - High Jul 5  
  • RES 3: $78.81 - High Jul 18
  • RES 2: $75.45/77.70 - High Oct 10 / 8 and the bull trigger
  • RES 1: $72.34 - High Oct 24   
  • PRICE: $70.43 @ 07:13 BST Oct 25
  • SUP 1: $68.17 - Low Oct 21    
  • SUP 2: $65.99/64.16 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $63.91 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $60.00 - Psychological round number

WTI futures are trading above their recent lows. However, a bearish theme remains intact following the Oct 8 - 18 sell-off. A resumption of weakness would threaten the recent bullish theme and expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and a key support. For bulls, a stronger reversal would instead refocus attention on the key short-term resistance at $77.70, the Oct 8 high. Clearance of this level would resume to the recent uptrend.