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(Z20) Rally Extends

  • RES 4: $44.33 - High Aug 26 and a key bull trigger
  • RES 3: $43.84 - High Sep 2
  • RES 2: $42.56 - High Sep 4
  • RES 1: $42.27 - Intraday high
  • PRICE: $42.01 @ 07:00 GMT Nov 11
  • SUP 1: $39.41 - Low Nov 10
  • SUP 2: $37.06 - Low Nov 6 and key near-term support
  • SUP 3: $36.57 - Low Nov 3
  • SUP 4: $33.64 - Low Nov 2 and the bear trigger

WTI futures traded sharply higher Monday clearing last week's peak at $39.35 and more importantly also trading through the resistance defined by the 20- and 50-day EMAs. Futures have extended gains since and have also cleared resistance at $42.02, Sep 18 high. The break higher opens $42.56 Sep 4 high. On the downside, firm support has been defined at $37.06, the Nov 6 low.

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