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(J3) Trades Through The 50-Day EMA

  • RES 4: $85.00 - Round number resistance
  • RES 3: $82.89 - High Jan 23 and a key resistance
  • RES 2: $80.78 - High Feb 13
  • RES 1: $78.59 - High Mar 2
  • PRICE: $77.98 @ 07:03 GMT Mar 3
  • SUP 1: $75.55 - Low Feb 28
  • 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 above the Feb 22 low of $73.80. The contract has continued to appreciate this week and yesterday breached resistance at the 50-day EMA - the average intersects at $77.92. A continuation of gains would signal scope for a test of resistance at $80.78, the Feb 13 high. On the downside, a breach of support at $73.80 is required to reinstate the recent bearish theme.

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