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(M2) Bearish Threat

WTI TECHS
  • RES 4: $118.13 - High Mar 9
  • RES 3: $113.51/113.90 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
  • RES 2: $110.22 - High Mar 28
  • RES 1: $105.42/109.20 - High Apr 21 / High Apr 18
  • PRICE: $98.32 @ 08:22 BST Apr 25
  • SUP 1: $97.80 - 50-day EMA
  • SUP 2: $92.60 - Low Apr 11 and a key support
  • SUP 3: $90.37 - Low Mar 15 and a bear trigger
  • SUP 4: $86.67 - Low Feb 25

WTI futures are trading lower today and price is approaching the 50-day EMA. A failure to challenge resistance at $109.20, Apr 18 high, threatens the recent bullish theme. A break of the 50-day EMA, which intersects at $97.80 today, would strengthen the bearish threat and suggest scope for a deeper decline towards $90.37, the Mar 15 low. Initial firm resistance is seen at $105.42.

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