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(Z20) Eyeing The Bear Trigger

WTI TECHS
  • RES 4: $41.90/42.02 - High Oct 20 / High Sep 18 and the bull trigger
  • RES 3: $40.42 50-day EMA
  • RES 2: $39.83 High Oct 27
  • RES 1: $39.01 High Oct 28
  • PRICE: $37.60 @ 06:51 GMT Oct 29
  • SUP 1: $36.97 - Low Oct 28
  • SUP 2: $36.93 - Low Oct 2 and the bear trigger
  • SUP 3: $35.72 - Low Jun 12
  • SUP 4: $34.45 - Low May 29

WTI futures stalled last week at $41.90, Oct 20 high. A bearish tone remains intact and this was reinforced yesterday as price traded sharply lower. The break lower signals scope for a deeper retracement, with attention on the key support handle at $36.93 low from Oct 2. This support also represents the bear trigger where a breach would confirm a resumption of the downleg that started late August. Initial resistance is at yesterday's high of $39.01.

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