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(Z1) Resistance Emerges

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: $84.97/85.41 - High Nov 10 / High Oct 25 and the bull trigger
  • PRICE: $81.34 @ 07:05 GMT Nov 11
  • SUP 1: $80.81/78.25 - Low Nov 10 / Low Nov 4 and key support
  • SUP 2: $77.91- 50-day EMA
  • SUP 3: $74.67 - Low Oct 7 and key near-term support
  • SUP 4: $72.82 - Low Sep 30

WTI futures gains stalled yesterday and futures traded lower. Recent gains have exposed key resistance and the bull trigger at $85.41, Oct 25 high. A break of this level would confirm a resumption of the uptrend and resume the bullish price sequence of higher highs and higher lows. This would open $87.45, a Fibonacci projection. On the downside, key short-term support has been defined at $78.25 Nov 4 low. A break would be bearish.

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