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(X20) Bullish Rebound Opens $41.72

WTI TECHS
  • 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: $40.04 @ 07:40 BST Oct 8
  • 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. Tuesday's gains reinforce this set-up. Furthermore, a reversal pattern defines Monday's price action, a bullish engulfing candle line. The fact that this pattern unfolded just ahead of $36.58 key support reinforces the significance of the rebound. The focus is on $41.72, Sep 18 high. Key support remains $36.58, Sep 8 low.

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