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(Z1) Approaching The 20-Day EMA

WTI TECHS
  • RES 4: $88.96 - 1.382 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 3: $87.45 - 1.236 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 2: $86.00 - Round number resistance
  • RES 1: $85.41 - High Oct 25 and the bull trigger
  • PRICE: $81.64 @ 07:08 BST Oct 28
  • SUP 1: $80.34 - 20-day EMA
  • SUP 2: $78.78 - Low Oct 13
  • SUP 3: $75.79 - 50-day EMA
  • SUP 4: $74.67 - Low Oct 7 and key near-term support

WTI futures faced resistance yesterday and the contract has traded lower again today. Attention is on the 20-day EMA that intersects at $80.34. A clear breach of this average would signal scope for a deeper pullback and open $78.78, Oct 13 low. The 50-day EMA lies at $75.79. Key resistance and the bull trigger has been defined at $85.41, Oct 25 high. A break would resume the uptrend.

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