Free Trial

(Z2) Bullish Conditions

WTI TECHS
  • RES 4: $97.38 - 61.8% retracement of the Jun 8 - Sep 26 downleg
  • RES 3: $95.55 - High Aug 30
  • RES 2: $92.34 - High Oct 12 / 10 and key resistance
  • RES 1: $89.79 - High Oct 27
  • PRICE: $87.04 @ 07:05 BST Oct 31
  • SUP 1: $85.84/81.30 - 20-day EMA / Low Oct 18
  • SUP 2: $79.63 - 76.4% retracement points of the Sep 26 - Oct 10 rally
  • SUP 3: $78.36 - Low Sep 30
  • SUP 4: $75.70 - Low Sep 26 and the bear trigger

The WTI futures outlook improved for bulls last week. The contract has defined a key short-term support at $81.30, the Oct 18 low. Note that resistance at $88.66, the Oct 12 high, has been breached. The break of this hurdle signals scope for gains towards $92.34, the Oct 10 high and a key resistance. On the downside, a move through support at $81.30 is required to undermine the current bull theme.

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.