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(J2) Overbought Condition Unwinding

WTI TECHS
  • RES 4: $135.61 - 3.764 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 3: $132.75 - 3.618 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 2: $130.50 - High Mar 7 and the bull trigger
  • RES 1: $115.24 - 50.0% of yesterday’s range
  • PRICE: $109.07 @ 06:13 GMT Mar 10
  • SUP 1: $101.80 - 20-day EMA
  • SUP 2: $95.32 - Low Mar 1
  • SUP 3: $91.72 - 50-day EMA
  • SUP 4: $90.06 - Low Feb 23 and a key support

WTI futures remain in a clear uptrend although yesterday’s sharp sell-off signals potential for a deeper short-term pullback. This would allow the recent overbought trend condition to unwind. The next firm area of support is seen at the 20-day EMA, at $101.80. A clear breach of this average would open the 50-day EMA further out at $91.72. On the upside, the key resistance and bull trigger is Monday’s $130.50 high.

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