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(J3) Watching Resistance At The 50-Day EMA

WTI TECHS
  • 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: $77.91 - 50-day EMA
  • PRICE: $77.51 @ 07:05 GMT Mar 2
  • 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

WTI futures remain above last week’s lows and key short-term support has been defined at $73.80, the Feb 22 low. Moving average studies are in a bear-mode position and for now, this continues to highlight a downtrend. A break of the $73.80, would open $72.64, the Feb 6 low. Initial resistance to watch is at $77.91, the 50-day EMA. A clear break of this EMA would be a bullish development and signal scope for a stronger recovery.

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