(J1) Corrective Cycle

• RES 4: $65.65 - High Jan 8, 2020 (cont)
• RES 3: $65.00 - Round number resistance
• RES 2: $63.81 - High Feb 24 and the bull trigger
• RES 1: $62.92 - High Mar 1
• PRICE: $61.50 @ 06:55 Mar 4
• SUP 1: $59.43/24 - 20-day EMA / Mar 3 low
• SUP 2: $58.60 - Low Feb 19 and key short-term support
• SUP 3: $57.31/30 - Low Feb 12 / Trendline drawn off Nov 2, 2020 low
• SUP 4: $55.31 - 50-day EMA

WTI futures remains in an uptrend however the recent pullback suggests the contract has entered a short-term corrective phase. This is allowing an overbought condition to unwind and attention is on the 20-day EMA at $59.43. A clear break of the average would allow for a deeper pullback towards trendline support at $57.30, drawn off the Nov 2 low. Key resistance and the bull trigger remains $63.81, the Feb 25 high.