Free Trial

(J3) Tests A Key Medium-Term Support

WTI TECHS
  • RES 4: $86.05 - High Feb 14
  • RES 3: $82.89 - High Jan 23 and a key resistance
  • RES 2: $78.06/80.94 - High Mar 9 / 7 and key resistance
  • RES 1: $74.90 - High Mar 13
  • PRICE: $72.25 @ 07:11 GMT Mar 15
  • SUP 1: $70.86/78 - Low Dec 9 and the bear trigger / Low Mar 13
  • SUP 2: $70.00 - Psychological round number
  • SUP 3: $66.04 - Low Dec 20 2021 (cont)
  • SUP 4: $65.60 - Low Dec 3 2021 (cont)

WTI futures remain vulnerable and yesterday’s strong sell-off reinforces the current bearish theme. The contract has tested key support at $70.86, the Dec 9 low. A clear break of this level would highlight an important bearish development and confirm a resumption of the medium-term downtrend. This would open the psychological $70.00 handle and levels below it. Initial firm resistance is at $78.06, the Mar 9 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.