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(K2) Challenging Resistance

WTI TECHS
  • RES 4: $122.73 - High Mar 9
  • RES 3: $116.64/118.34 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
  • RES 2: $108.75/112.93 - High Mar 30 / High Mar 28
  • RES 1: $108.55 - High Apr 18
  • PRICE: $107.17 @ 14:02 BST Apr 18
  • SUP 1: $97.92/92.93 - 50-day EMA / Low Apr 11
  • SUP 2: $92.20 - Low Mar 15 and a bear trigger
  • SUP 3: $88.49 - Low Feb 25
  • SUP 4: $85.81 - Low Feb 18

WTI futures are working against the recent bearish outlook, with prices rising back above the 50-day EMA. This shifts focus to $108.75, the March 30th high. The break of $105.59 however has eased bearish pressure, with $112.93 the next upside target. Downside focus is on $92.20, Mar 15 low and an important bear trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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