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(J4) Watching Support

WTI TECHS
  • RES 4: $85.75 - High Sep 15 and a key resistance
  • RES 3: $84.66 - High Oct 20
  • RES 2: $81.70 - 76.4% retracement of the Sep 19 - Dec 13 bear cycle
  • RES 1: $80.85 - High Mar 1
  • PRICE: $78.09 @ 07:08 GMT Mar 13
  • SUP 1: $76.61/71.49 - 50-day EMA / Low Feb 5
  • SUP 2: $69.79 - Low Jan 3
  • SUP 3: $68.57 - Low Dec 13 and the bear trigger
  • SUP 4: $65.41 - Low Jun 12

The WTI futures trend condition remains bullish and the latest pullback appears to be a correction. The recent breach of key resistance at $79.09, the Jan 29 high, reinforces a bullish theme. The clear break highlights potential for a continuation towards $81.70, a Fibonacci retracement. On the downside, support to watch is $76.61, the 50-day EMA. A break of this average would instead signal a possible top.

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