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WTI TECHS: (J19) 21-DMA Rising In Importance
*RES 4: $61.13 - 200-dma
*RES 3: $61.00 - Channel top
*RES 2: $58.70 - High Nov 16
*RES 1: $57.81/88 - High Feb 22/Mar 1
*PRICE: $56.32 @ 05:57 GMT Mar 8
*SUP 1: $55.64/02 - 21-dma/Low Feb 26
*SUP 2: $53.30 - 50-dma
*SUP 3: $51.23 - Low Feb 11
*SUP 4: $50.38 - Low Jan 14
WTI futures continue to trade just above the 21-dma which is gaining importance
as a key support level. Above here keeps the rally intact and the focus on the
Feb 22 and Mar 1 highs at $57.81/88. Above here would open channel top
resistance and the 200-dma. On te other hand a break below the 21-dma would
allow focus to return to the downside while a break below Feb 26 low at $55.02
would suggest a potential downside reversal to the 50-dma.