(J1) Bearish Risk Still Present

• RES 4: $70.00 - Psychological round number
• RES 3: $69.66 - High Oct 23, 2018 (cont)
• RES 2: $67.98 - High Mar
• RES 1: $66.21 - High Mar 11
• PRICE: $65.59 @ 07:08 Mar 12
• SUP 1: $63.13 - Low Mar 10
• SUP 2: $61.92 - 20-day EMA
• SUP 3: $59.24 - Low Mar 3
• SUP 4: $58.87 - Trendline support drawn off the Nov 2 low

WTI futures remain in an uptrend however trend conditions appear to have entered a corrective cycle. This follows the pullback earlier this week from $67.98, Mar 8 high. The trend condition has been overbought for some time and a correction would allow this overbought set-up to unwind. Scope is seen for a move towards the 20-day EMA at $61.92. A breach of the average would expose $59.24, Mar 3 low. Key resistance is at $67.98.