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(X20) Pullbacks Considered Corrective

WTI TECHS
  • RES 4: $44.05 - High Aug 26
  • RES 3: $43.51 - Sep 2 high
  • RES 2: $42.29 - 76.4% retracement of the Aug 26 - Sep 8 sell-off
  • RES 1: $41.47/72 - High Oct 9 / High Sep 18 and the bull trigger
  • PRICE: $40.01 @ 06:43 BST Oct 14
  • SUP 1: $39.04 - Low Oct 12
  • 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 last week and despite the recent pullback, a bullish outlook continues to dominate. Last week's gains followed a strong reversal pattern on Oct 5, a bullish engulfing candle. The significance of the reversal was reinforced by the fact that it occurred just ahead of the $36.58 key support, Sep 8 low. Scope is seen for a climb to $41.72 key resistance next, Sep 18 high. Firm support is at $39.04. A break would alter the picture

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