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(X1) Bull Trend Extension

WTI TECHS
  • RES 4: 487.05 - 2.236 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • RES 3: $84.97 - 2.00 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • RES 2: $84.00 - Round number resistance
  • RES 1: $83.73 - Intraday high
  • PRICE: $83.41 @ 07:04 BST Oct 18
  • SUP 1: $79.42 - Low Oct 13
  • SUP 2: $77.27 - 20-day EMA
  • SUP 3: $74.96 - Low Oct 7 and key near-term support
  • SUP 4: $73.14 - Low Sep 30 and key support

WTI trend conditions remain bullish and the contract has confirmed an extension once again today. The move to fresh highs maintains the bullish price sequence of higher highs and higher lows, reinforcing the uptrend. Note that the $80.00 psychological hurdle has also been cleared. The focus is on $84.97 next, a Fibonacci projection. On the downside, key short-term support has been defined at $79.42, Oct 13 low.

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