(Z2) Still Looking For Gains

• 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: $87.89 @ 07:05 BST Nov 1
• SUP 1: $84.14/81.30 - Low Oct 26 / 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 improved for bulls last week and the short-term condition remains positive. 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.