(K1) Bearish Risk Still Present

• RES 4: $67.79 - High Mar 8 and the bull trigger
• RES 3: $66.44 - High Mar 15
• RES 2: $64.88 - High Mar 18 and a key near-term resistance
• RES 1: $62.04 - High Mar 22
• PRICE: $59.58 @ 06:57 Mar 26
• SUP 1: $57.25 - Low Mar 23
• SUP 2: $55.65 - 38.2% retracement of the Nov 2 - Mar 8 rally
• SUP 3: $53.68 - High Jan 13
• SUP 4: $51.24 - Low Jan 22

WTI futures outlook remains bearish. Recent weakness has resulted in a break of trendline support drawn off the Nov 2, 2020 low and the 50-day EMA. The move lower suggests the current bearish cycle is likely to extend with attention on $55.65 next, a Fibonacci retracement. On the upside, firm resistance has been defined at $62.04, Mar 22 high. A break of this level would ease the current bearish pressure.