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(X2) Pullback Considered Corrective

WTI TECHS
  • RES 4: $104.31 - 76.4% retracement of the Jun 8 - Sep 26 downleg
  • RES 3: $98.95 - 61.8% retracement of the Jun 8 - Sep 26 downleg
  • RES 2: $96.82 - High Aug 31 and key resistance
  • RES 1: $93.64 - High Aug 10
  • PRICE: $89.23 @ 07:08 BST Oct 12
  • SUP 1: $87.61 - 50-day EMA
  • SUP 2: $79.14/76.25 - Low Sep 30 / Low Sep 26 and the bear trigger
  • SUP 3: $75.70 - Low Jan 24
  • SUP 4: $71.22 - 2.00 proj of the Jul 29 - Aug 16 - 30 price swing

WTI futures traded higher last week and in the process, cleared both the 20- and 50 EMAs. This has strengthened the bullish theme and signals scope for a continuation higher. Attention is on the next key resistance at $96.82, the Aug 30 high. A break would further strengthen a bullish outlook. Initial firm support lies at $87.61, the 50-day EMA. Key support is still far off at $76.25, the Sep 26 low. The latest pullback is considered corrective.

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