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WTI TECHS: (Z19) Remains Bullish
*RES 4: $59.11 - Sep 23 high
*RES 3: $58.73 - Former trendline support drawn off Aug 7 low
*RES 2: $58.21 - 61.8% retracement of Sep 16 - Oct 3 decline
*RES 1: $57.88 - High Nov 7 and bull trigger
*PRICE: $56.99 @ 06:37 GMT Nov 15
*SUP 1: $55.76 - Low Nov 8
*SUP 2: $55.40 - Trendline support drawn off Oct 10 low
*SUP 3: $53.71 - Low Oct 31 and key support
*SUP 4: $52.46 - Low Oct 15
WTI is unchanged and is consolidating. The outlook however remains bullish. The
recent breach of resistance at $56.92, Oct 28 high reinforces this theme.
Furthermore, momentum studies remain positive marking a constructive set-up for
bulls. Scope is seen for a climb to $58.21, the next retracement objective. On
the downside, key support has been defined at $53.71. However, a failure to hold
above initial support at $55.76 would be a concern for bulls.