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(Z2) Remains Above Support

WTI TECHS
  • RES 4: $99.79 - High Jul 5
  • RES 3: $97.38 - 61.8% retracement of the Jun 8 - Sep 26 downleg
  • RES 2: $95.55 - High Aug 30
  • RES 1: $93.74 - High Nov 7
  • PRICE: $88.90 @ 07:13 GMT Nov 9
  • SUP 1: $87.60 - Low Nov 3
  • SUP 2: $85.30 - Low Oct 31 and a key support
  • SUP 3: $81.30 - Low Oct 18 and a bear trigger
  • SUP 4: $78.36 - Low Sep 30

The latest pullback in WTI futures is considered corrective - for now. The outlook is bullish and the contract has recently pierced resistance at $92.34, the Oct 12 high. A clear break of this hurdle would strengthen a bullish theme and signal scope for a climb towards resistance at $95.55. Moving average studies are beginning to display a bull mode set-up, reinforcing the current positive outlook. Support to watch, lies at $85.30, the Oct 31 low.

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