(J3) Bull Cycle Extends

• RES 4: $86.05 - High Feb 14
• RES 3: $85.00 - Round number resistance
• RES 2: $82.89 - High Jan 23 and a key resistance
• RES 1: $80.94 - Intraday high
• PRICE: $80.54 @ 07:05 GMT Mar 7
• SUP 1: $75.83 - Low Mar 3
• SUP 2: $73.80 - Low Feb 22 and key short-term support
• SUP 3: $72.64 - Low Feb 6
• SUP 4: $70.86 - Low Dec 9 and the bear trigger

WTI futures remain bullish following last week’s appreciation and the contract started this week on a positive note. Price is through resistance at the 50-day EMA which intersects at $78.09 today. The breach reinforces short-term bullish conditions and paves the way for a climb towards $82.89, the Jan 23 high and a key resistance. On the downside, a breach of support at $73.80 is required to reinstate the recent bearish theme. First support is at $75.83.