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Thoughts On The LPR Fixings

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(K1) Resistance Defined At $62.27

  • 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: $62.27 - High Mar 30
  • PRICE: $59.61 @ 06:55 Apr 1
  • SUP 1: $58.32 - Low Mar 26
  • SUP 2: $57.25 - Low Mar 23
  • SUP 3: $55.65 - 38.2% retracement of the Nov 2 - Mar 8 rally
  • SUP 4: $53.68 - High Jan 13

WTI futures Monday probed resistance at $62.04, Mar 22 high. The break higher failed to deliver any bullish follow through despite signalling scope for a short-term recovery. Price would need clear $62.27, Mar 30 high to again suggest scope for gains. This would open $64.88, the Mar 18 high. On the downside, key support and the bear trigger lies at $57.25, Mar 23 low. A break would instead resume bearish pressure.

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