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(X2) Watching The 50-Day EMA

WTI TECHS
  • RES 4: $97.91 - High Jul 29 and a reversal trigger
  • RES 3: $92.26/96.82 - High Aug 30 / 31 and key resistance
  • RES 2: $89.99 - High Sep 6
  • RES 1: $87.09 - 50-day EMA
  • PRICE: $86.52 @ 07:54 BST Oct 5
  • SUP 1: $79.14/76.25 - Low Sep 30 / Low Sep 26 and the bear trigger
  • SUP 2: $75.70 - Low Jan 24
  • SUP 3: $71.22 - 2.00 proj of the Jul 29 - Aug 16 - 30 price swing
  • SUP 4: $68.20 - 2.236 proj of the Jul 29 - Aug 16 - 30 price swing

WTI futures are trading closer to recent highs. The latest move higher has resulted in a break above the 20-day EMA. Attention is on the key resistance at the 50-day EMA. The average intersects at $87.09, where a break is required to signal scope for a stronger reversal. This would open the $90.00 handle. Initial firm support is at $79.14, the Sep 30 low. Key support lies at $76.25, the Sep 26 low.

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