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(J3) Downtrend Remains Intact

WTI TECHS
  • RES 4: $82.89 - High Jan 23 and a key resistance
  • RES 3: $78.06/80.94 - High Mar 9 / 7 and key resistance
  • RES 2: $74.27 - 20-day EMA
  • RES 1: $69.64/72.56 - High Mar 17 / 15
  • PRICE: $64.60 @ 07:12 GMT Mar 20
  • SUP 1: $64.36 - 1.618 proj of the Jan 23 - Feb 6 - Mar 7 price swing
  • SUP 2: $62.43 - Low Dec 2 2021 (cont) and a key support
  • SUP 3: $60.44 - 2.00 proj of the Jan 23 - Feb 6 - Mar 7 price swing
  • SUP 4: $58.02 - 2.236 proj of the Jan 23 - Feb 6 - Mar 7 price swing

WTI futures remain vulnerable and the contract is trading lower this morning. Last Wednesday’s sell-off resulted in the break of key support at $70.86, the Dec 9 low. The breach confirms a resumption of the medium-term downtrend and reinforces current bearish conditions. Note too that price has also cleared the psychological $70.00 handle. Attention is on $62.43, a Fibonacci projection. Initial resistance is at $69.64, Monday’s high.

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