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(K1) Heading North

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
  • RES 1: $64.72 - Former trendline support drawn off Nov 2, 2020 low
  • PRICE: $63.76 @ 07:05 BST Apr 16
  • 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 are trading higher, extending this week's climb following the breach of $62.27, Mar 30 high. With short-term momentum studies pointing north, further gains are likely. The next key resistance is $64.72, a former trendline support drawn off the Nov 2, 2020 low. A break would open $64.88 and $66.44, the Mar 18 and 15 highs respectively. Initial support is at $60.38, Wednesday's low.

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