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(Z20) Support Remains Intact

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: $40.76 @ 06:35 BST Oct 20
  • 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 are unchanged. 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 $41.74 would open the $42.02 key resistance, Sep 18 high. Weakness below $39.36 would be bearish.

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