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(Z1) Bulls Pause For Breath

WTI TECHS
  • RES 4: $87.45 - 1.236 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 3: $86.00 - Round number resistance
  • RES 2: $85.01 - 1.00 proj of the Sep 21 - Oct 6 - 7 price swing
  • RES 1: $83.96 - High Oct 21
  • PRICE: $81.97 @ 07:08 BST Oct 22
  • SUP 1: $80.78 - Low Oct 20
  • SUP 2: $78.78/70 - Low Oct 13 / 20-day EMA
  • SUP 3: $74.67 - Low Oct 7 and key near-term support
  • SUP 4: $73.92 - Low Oct 1

WTI trend conditions remain bullish and this week's fresh trend high maintains the bullish price sequence of higher highs and higher lows, reinforcing the uptrend. Note that the $80.00 psychological hurdle has also recently been cleared, an important break. The focus is on $85.01 next, a Fibonacci projection. On the downside, a firm short-term support has been defined at $80.78, Oct 20 low.

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