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(K1) Gains Considered Corrective

WTI TECHS
  • 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: $59.99 @ 06:55 Mar 25
  • 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 is bearish despite yesterday's gains. 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.

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