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(Z20) Remains Vulnerable

WTI TECHS
  • RES 4: $42.58 - 76.4% retracement of the Aug 26 - Oct 2 sell-off
  • RES 3: $41.90/42.02 - High Oct 20 / High Sep 18 and the bull trigger
  • RES 2: $41.02 High Oct 22
  • RES 1: $39.83 High Oct 27
  • PRICE: $38.68 @ 06:48 GMT Oct 28
  • SUP 1: $38.28 - Low Oct 26
  • SUP 2: $38.10 - 76.4% retracement of the Oct 2 - 20 rally
  • SUP 3: $36.93 - Low Oct 2 and the bear trigger
  • SUP 4: $35.72 - Low Jun 12

WTI futures stalled last week at $41.90, Oct 20 high. A bearish tone remains intact. The sharp pullback extended Monday with futures trading through support at $39.36, Oct 12 low. The break lower highlights a stronger bearish development and signals scope for a deeper retracement, potentially towards the $36.93 low from Oct 2. This support also represents the bear trigger. On the upside, initial resistance is at yesterday's high of $39.83.

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