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(K1) Bullish Theme

WTI TECHS
  • RES 4: $67.79 - High Mar 8 and the bull trigger
  • RES 3: $66.44 - High Mar 15
  • RES 2: $64.98 - Former trendline support drawn off Nov 2, 2020 low
  • RES 1: $64.88 - High Mar 18
  • PRICE: $63.05 @ 06:56 BST Apr 19
  • SUP 1: $60.38 - Low Apr 14
  • SUP 2: $57.63 - Low Apr 5
  • SUP 3: $57.25 - Low Mar 23 and the bear trigger
  • SUP 4: $55.65 - 38.2% retracement of the Nov 2 - Mar 8 rally

WTI futures maintain a bullish tone following last week's breach of $62.27, Mar 30 high. With short-term momentum studies pointing north, further gains are likely. The next key resistance is $64.88/98, the Mar 18 high and a former trendline support drawn off the Nov 2, 2020 low respectively. A break of this zone would open $66.44, Mar 15 high. Initial support is at $60.38, Apr 14 low. A break would be bearish.

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