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(Z2) Outlook Remains Bearish

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: $88.66/92.34 - High Oct 12 / 10 and key resistance
  • RES 1: $87.14 - High Oct 20
  • PRICE: $84.73 @ 07:16 BST Oct 25
  • SUP 1: $81.30 - 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 is unchanged and remains bearish. This is highlighted by the current moving average set-up. A resumption of weakness would open $79.63, a Fibonacci retracement and potentially $75.70 further out, the Sep 26 low. The bear trigger is $81.30, the Oct 18 low. On the upside, the key short-term resistance to watch is at $92.34, the Oct 10 high. Initial firm resistance is at $88.66, Oct 12 high.

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