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(J2) Extends Bounce From Last Week’s Low

WTI TECHS
  • RES 4: $130.50 - High Mar 7 and the bull trigger
  • RES 3: $126.84 - High Mar 9
  • RES 2: $114.88 - High Mar 10
  • RES 1: $110-29 - High Mar 11
  • PRICE: $108.25 @ 07:10 GMT Mar 21
  • SUP 1: $94.32/93.53 - 50-day EMA / Low Mar 15
  • SUP 2: $90.06 - Low Feb 23 and a key support
  • SUP 3: $87.46 - Low Feb 18
  • SUP 4: $85.24 - Low Feb 3

WTI futures have recovered from last Tuesday’s low of $93.53. This means the 50-day EMA, at $94.32 today, remains intact and has also provided a firm short-term support. A continuation higher would open resistance at $110.29, the Mar 11 high and a break of this level would signal scope for a stronger short-term rally. On the downside, a breach of the 50-day EMA would instead reinstate the recent bearish theme.

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