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(Z2) Heading North

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: $90.36 - High Nov 2
  • PRICE: $89.08 @ 07:10 GMT Nov 3
  • SUP 1: $85.30/81.30 - Low Oct 31 / Low Oct 18 and key support
  • 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 is bullish and the continued recovery from Monday’s low reinforces this theme. The contract has defined a key short-term support at $81.30, the Oct 18 low and has recently cleared resistance at $88.66, the Oct 12 high. The break of this hurdle signals scope for a climb towards $92.34, the Oct 10 high and a key resistance. On the downside, initial firm support lies at $85.30, the Oct 31 low.

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