Oil Breakout Testing Resistance
Updated
WTI is testing a major resistance pivot here at 84.58-85.40. Looking for a reaction off this mark with the immediate rally vulnerable while below.
Initial support now 81.81 backed closely by the monthly open at 81.44. We remain constructive while above the 200SMA at 79.
A topside breach / close above this region exposes the yearly high-close (HC) / 61.8% ext at 86.67-87.13- look for a larger reaction there IF reached.
Michael Boutros, Sr. Technical Strategist
MBForex
Initial support now 81.81 backed closely by the monthly open at 81.44. We remain constructive while above the 200SMA at 79.
A topside breach / close above this region exposes the yearly high-close (HC) / 61.8% ext at 86.67-87.13- look for a larger reaction there IF reached.
Michael Boutros, Sr. Technical Strategist
MBForex
Note
Resistance holds with the July opening-range breaking lower here today. Initial support now at 80.08 (two-equal legs off the high) and is backed by the 200DMA near 79. both areas of interest for possible downside exhaustion / price inflection.
Initial resistance now at the monthly high-day close at 83.30 with 84.58-85.40 still key.
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