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Larger FX Option Pipeline

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  • RES 4: $65.65 - High Jan 8, 2020 (cont)
  • RES 3: $65.00 - Round number resistance
  • RES 2: $63.81 - High Feb 24
  • RES 1: $62.92 - High Mar 1
  • PRICE: $59.98 @ 06:48 Mar 2
  • SUP 1: $59.19 - 20-day EMA
  • SUP 2: $58.60 - Low Feb 19 and key short-term support
  • SUP 3: $57.31 - Low Feb 12
  • SUP 4: $56.78 - Trendline support drawn off the Nov 2, 2020 low

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 $59.19. A break of the average would allow for a deeper pullback towards a trendline support at $56.78, drawn off the Nov 2 low. Key resistance and the bull trigger remains $63.8, the Feb 25 high.