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(Z20) Retracing Recent Gains

WTI TECHS
  • RES 4: $44.33 - High Aug 26 and a key bull trigger
  • RES 3: $44.19 - High Aug 31
  • RES 2: $43.84 - High Sep 2
  • RES 1: $43.06 - High Nov 11
  • PRICE: $40.53 @ 06:40 GMT Nov 13
  • SUP 1: $39.41 - Low Nov 10 and key near-term support
  • 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 this week clearing last week's peak at $39.35 and more importantly also traded through the resistance defined by the 20- and 50-day EMAs. Futures have also cleared resistance at $42.02, Sep 18 high. The break higher opens $44.33, Aug 26 high. Wednesday's price pattern is being monitored though, a shooting star candle line. This is a reversal signal and is a concern for bulls. Firm support is seen at $39.41.

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