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(J1) Bearish Risk Still Present

WTI TECHS
  • RES 4: $70.00 - Psychological round number
  • RES 3: $69.66 - High Oct 23, 2018 (cont)
  • RES 2: $67.98 - High Mar and the bull trigger
  • RES 1: $66.40 - High Mar 15
  • PRICE: $64.79 @ 06:39 Mar 16
  • SUP 1: $63.13 - Low Mar 10
  • SUP 2: $62.57 - 20-day EMA
  • SUP 3: $59.40 - Trendline support drawn off the Nov 2 low
  • SUP 4: $59.24 - Low Mar 3

WTI futures remain in an uptrend however trend conditions appear to have entered a corrective cycle. This follows the pullback last week between Mar 8 - 10. 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 $62.57. A breach of the average would expose $59.24, Mar 3 low. Key resistance is at $67.98.

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