Free Trial

(Z20) Holding Above Support

WTI TECHS
  • RES 4: $44.33 - High Aug 26
  • RES 3: $43.84 - Sep 2 high
  • RES 2: $42.58 - 76.4% retracement of the Aug 26 - Oct 2 sell-off
  • RES 1: $41.74/42.02 - High Oct 9 / High Sep 18 and the bull trigger
  • PRICE: $40.99 @ 06:43 BST Oct 19
  • SUP 1: $39.36 - Low Oct 12
  • SUP 2: $36.93 - Low Oct 2 and the bear trigger
  • SUP 3: $35.72 - Low Jun 12
  • SUP 4: $34.82 - 50.0% retracement of the Apr - Aug rally

WTI futures traded in a volatile manner last week. Recent price action has defined resistance at $41.74, Oct 9 high and support at $39.36, Oct 12 low. These levels mark the near-term directional triggers. A bullish outlook continues to dominate though following the strong recovery between Oct 2 - 9. A breach of $41.47 would open the $41.72 key resistance, Sep 18 high. Weakness below $39.04 would be bearish.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.