Free Trial

(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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.