(K1) Corrective Cycle Likely To Extend

• 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
• RES 1: $62.48 - 20-day EMA
• PRICE: $60.90 @ 08:21 Mar 22
• SUP 1: $58.28 - Low Mar 18 and the bear trigger
• SUP 2: $57.06 - Low Feb 12
• SUP 3: $55.65 - 38.2% retracement of the Nov 2 - Mar 8 rally
• SUP 4: $53.68 - High Jan 13

WTI futures sold off sharply Thursday confirming a corrective cycle. The trend condition is overbought and the pullback is allowing this to unwind. The move lower sell-off has probed trendline support drawn off the Nov 2, 2020 low and this reinforces the current bearish theme. Price has also tested the 50-day EMA, a clear break of the average would open $55.65, the 38.2% retracement of the Nov 2 - Mar 8 rally. Resistance is at $62.18.