(X20) Bullish Rebound Extends

• RES 4: $43.51 - Sep 2 high
• RES 3: $42.29 - 76.4% retracement of the Aug 26 - Sep 8 sell-off
• RES 2: $41.72 - High Sep 18 and the short-term bull trigger
• RES 1: $40.86 - High Oct 6
• PRICE: $40.10 @ 06:43 BST Oct 7
• SUP 1: $39.10 - Low Oct 6
• 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 rallied sharply higher Monday. The climb signals a likely reversal of the downtrend that has dominated most recently since Sep 18. Yesterday's gains reinforce this set-up. A reversal pattern defines Monday's price action, a bullish engulfing candle line. The fact that this pattern unfolded just ahead of a key support at $36.58 reinforces the significance of the rebound. This has opened $41.72, Sep 18 high. Key support remains $36.58, Sep 8 low.