© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI: FED'S POWELL STILL SEES POSSIBLE PATH TO SOFT LANDING

MNI: POWELL: FED PREPARED TO TIGHTEN FURTHER IF APPROPRIATE

FED'S GOOLSBEE: 'YOU CAN'T BACK OUT NOW' ON INFLATION FIGHT

MNI: BAKER HUGHES US RIG COUNT 625; OIL RIGS 505; GAS RIGS 116

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

EZ/UK Bond Supply Calendar: BOE Long APF Operation on Monday

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

(Z3) Has Breached Key Support

WTI TECHS
Homepage markets-real-time Commodities Energy Bullets Bullet Energy Technical Analysis
  • RES 4: $98.27 - 1.382 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 3: $96.03 - 1.236 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 2: $92.48 - High Sep 28 and a bull trigger
  • RES 1: $85.90/89.85 - High Oct 27 / 20
  • PRICE: $79.95 @ 07:11 GMT Nov 7
  • SUP 1: $78.51 - Low Aug 29
  • SUP 2: $77.74 - 50.0% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $75.47 - Low Jul 24
  • SUP 4: $74.26 - 61.8% retracement of the May 4 - Sep 28 bull run

The medium-term trend condition in WTI futures remains bullish and the recent move lower still appears to be a correction. However, the contract has breached support at $80.20, the Oct 6 low. The break highlights a stronger short-term reversal. A continuation lower would pave the way for a move towards $77.03, the Aug 24 low. On the upside, a break of resistance at $85.90, the Oct 27 high, is required to reinstate a bullish theme.

174 words

To read the full story

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.
  • RES 4: $98.27 - 1.382 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 3: $96.03 - 1.236 proj of the Jun 28 - Aug 10 - 24 price swing
  • RES 2: $92.48 - High Sep 28 and a bull trigger
  • RES 1: $85.90/89.85 - High Oct 27 / 20
  • PRICE: $79.95 @ 07:11 GMT Nov 7
  • SUP 1: $78.51 - Low Aug 29
  • SUP 2: $77.74 - 50.0% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $75.47 - Low Jul 24
  • SUP 4: $74.26 - 61.8% retracement of the May 4 - Sep 28 bull run

The medium-term trend condition in WTI futures remains bullish and the recent move lower still appears to be a correction. However, the contract has breached support at $80.20, the Oct 6 low. The break highlights a stronger short-term reversal. A continuation lower would pave the way for a move towards $77.03, the Aug 24 low. On the upside, a break of resistance at $85.90, the Oct 27 high, is required to reinstate a bullish theme.