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(X20) Attention Is On Major Support

  • RES 4: $42.29 - 76.4% retracement of the Aug 26 - Sep 8 sell-off
  • RES 3: $41.72 - High Sep 18 and the short-term bull trigger
  • RES 2: $40.80 - High Sep 28
  • RES 1: $38.65 - Intraday high
  • PRICE: $37.38 @ 07:04 BST Oct 2
  • SUP 1: $37.02 - Low Sep 11
  • SUP 2: $36.58 - Low Sep 8 and the bear trigger
  • SUP 3: $35.54 - Low Jun 12
  • SUP 4: $34.24 - 50.0% retracement of the Apr - Aug rally

WTI futures traded are under pressure and a bearish theme remains intact. The contract Tuesday, cleared a key support at $38.87, Sep 21 low. The break reinforces a bearish theme and exposes $36.58, Sep 8 low. Recent bearish candle patterns and bearish momentum structures also reinforce a weaker outlook. A break of $36.58 would confirm a resumption of the downtrend that started late August. Firm resistance is at $40.80, Sep 28 high.

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