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(J3) Heading South

WTI TECHS
  • 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: $78.06/80.94 - High Mar 9 / 7 and key resistance
  • PRICE: $74.90 @ 07:04 GMT Mar 10
  • SUP 1: $73.80 - Low Feb 22 and key short-term support
  • SUP 2: $72.64 - Low Feb 6
  • SUP 3: $70.86 - Low Dec 9 and the bear trigger
  • SUP 4: $70.00 - Psychological round number

A sharp sell-off in WTI futures Tuesday has defined a key resistance at $80.94, Feb 7 high. A break of this hurdle is required to reinstate the recent bullish theme that would open $82.89, the Jan 23 high and a key resistance. The contract is trading lower today, extending this week’s bearish move and sights are on $73.80, the Feb 22 low. A breach of this level would strengthen a bearish threat. Initial resistance is seen at $78.06, yesterday’s high.

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