(Z3) Outlook Remains Bullish

• 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: $89.58 - 76.4% retracement of the Sep 28 - Oct 6 bear leg
• PRICE: $89.410 @ 07:10 BST Oct 20
• SUP 1: $83.90/80.20 - 50-day EMA / Low Oct 6
• 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

WTI futures traded higher yesterday and the contract remains firm. The latest recovery has highlighted a key support at $80.20, the Oct 6 low. The medium-term trend condition remains bullish and an extension higher would expose the bull trigger at $92.48, the Sep 28 high. Clearance of this hurdle would confirm a resumption of the uptrend. For bears, a move through $80.20, would instead highlight a short-term top.