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(Z20) Clears Key Support

WTI TECHS
  • RES 4: $40.25 50-day EMA
  • RES 3: $39.83 High Oct 27
  • RES 2: $39.01 High Oct 28
  • RES 1: $36.93 Low Oct 2 and a recent breakout level
  • PRICE: $35.84 @ 06:55 GMT Oct 30
  • SUP 1: $34.82 - 50.0% retracement of the Apr - Aug rally
  • SUP 2: $33.53 - Low May 28
  • SUP 3: $33.12 - Low may 22
  • SUP 4: $32.58 - 61.8% retracement of the Apr - Aug rally

WTI traded sharply lower yesterday. A bearish tone remains intact and this was reinforced yesterday with futures clearing the key support handle at $36.93 low from Oct 2. The break lower confirms a resumption of the downtrend that started late August. The focus is on $34.82 next, 50.0% retracement of the Apr - Aug rally. Initial resistance is at this week's breakout level of $36.97.

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