Free Trial

(X3) Dip Stabilises, But Bears in Control

WTI TECHS
  • RES 4: $99.42 - 1.382 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 3: $97.08 - 1.236 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 2: $91.88/95.03 - High Oct 2 / High Sep 28 and a bull trigger
  • RES 1: $86.52 - 20-day EMA
  • PRICE: $84.66 @ 16:08 BST Oct 12
  • SUP 1: $81.00 - Low Aug 31
  • SUP 2: $79.57 - 50.0% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $77.32 - Low Aug 24
  • SUP 4: $75.92 - 61.8% retracement of the May 4 - Sep 28 bull run

The stronger start to the week for WTI futures faded through the Wednesday close, although dips were put across the Thursday session. Recent bearish price action resulted in a break of support at $88.19, the Sep 26 low. The contract has also cleared support at the 50-day EMA, at $84.46. This signals scope for a deeper retracement towards the $80.00 handle and $79.57, a Fibonacci retracement point. Initial firm resistance is at $86.52, the 20-day EMA. A break would signal a possible reversal.

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.