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(X1) Defying Gravity

WTI TECHS
  • RES 4: $80.00 - Psychological round number
  • RES 3: $79.53 - 1.382 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • RES 2: $78.24 - 1.236 proj of the Aug 23 - Sep 2 - Sep 9 price swing
  • RES 1: $77.00 - Round number resistance
  • PRICE: $76.50 @ 07:12 BST Sep 28
  • SUP 1: $73.57 - High Jul 6 and recent breakout level
  • SUP 2: $71.61 - Low Sep 21
  • SUP 3: $69.39 - Low Sep 21 and key support
  • SUP 4: $67.35 - Low Sep 9

WTI futures maintain a bullish outlook and this week's strong start, as the contract continues to climb. Last week's break of $73.58, the Jul 6 high and bull trigger confirmed a resumption of the uptrend and has paved the way for further gains near-term. The focus is on $78.24 next, a Fibonacci projection with scope seen for a climb towards $80.00 further out. On the downside, initial support is seen at $73.57.

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