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(Z2) Holding On To The Bulk Of This Week’s Gains

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: $87.85 @ 07:12 BST Oct 27
  • SUP 1: $85.62/81.30 - 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 has improved for bulls following this week’s gains. 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 bull theme.

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