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(M2) Still Looking For Weakness

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: $99.44 @ 07:00 BST Apr 26
  • SUP 1: $95.28 - Low Apr 25
  • 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 traded lower Monday and below the 50-day EMA. A recent failure to challenge resistance at $109.20, Apr 18 high, highlighted a bearish threat. A clear break of the 50-day EMA, which intersects at $97.83 today, would strengthen bearish conditions and suggest scope for a deeper sell-off towards $90.37, the Mar 15 low and an important bear trigger. Initial firm resistance is seen at $105.42.

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