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(J1) Corrective Pullback

WTI TECHS
  • RES 4: $65.66 - 1.764 proj of Apr - Aug rally from the Nov 2 low
  • RES 3: $64.00 - Round number resistance
  • RES 2: $63.17 - 1.618 proj of Apr - Aug rally from the Nov 2 low
  • RES 1: $62.29 - High Feb 18
  • PRICE: $59.83 @ 07:09 GMT Feb 19
  • SUP 1: $58.60 - Intraday low
  • SUP 2: $57.31 - Low Feb 12
  • SUP 3: $56.63 - 20-day EMA
  • SUP 4: $54.94 - Bull channel base drawn off the Nov 2, 2020 low

WTI futures maintain a bullish tone and the pullback from yesterday's high of $62.29 is likely a correction. The recent break higher confirms a resumption of the underlying uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on $63.17 next, a Fibonacci projection. On the downside, the near-term firm support lies at $57.31, the Feb 12 low. Initial support is at $58.60, today's intraday low.

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