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(J2) Still Defying Gravity

WTI TECHS
  • RES 4: $140.00 - Psychological round number
  • RES 3: $135.61 - 3.764 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 2: $132.75 - 3.618 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 1: $130.50 - Intraday high
  • PRICE: $125.89 @ 05:37 GMT Mar 7
  • SUP 1: $121.33 - Intraday low
  • SUP 2: $105.18 - Low Mar 2
  • SUP 3: $95.32 - Low Mar 1
  • SUP 4: $90.06 - Low Feb 23 and a key support

WTI futures remain in a clear uptrend and the contract gapped higher at today’s open. Fresh cycle highs reinforce the current trend direction and mark an extension of the underlying bullish sequence of higher highs and higher lows. Moving average studies also point north, highlighting current sentiment. The focus is on $132.75, a Fibonacci projection. On the downside, initial support lies at today’s intraday low of $121.33.

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