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(K2) Corrective Pullback

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: $112.93 - High Mar 28
  • RES 1: $109.81 - High Apr 18
  • PRICE: $103.02 @ 07:04 BST Apr 20
  • SUP 1: $98.82 - 50-day EMA
  • SUP 2: $92.93 - Low Apr 11 and a key support
  • SUP 3: $92.20 - Low Mar 15 and a bear trigger
  • SUP 4: $88.49 - Low Feb 25

WTI futures maintain a bullish tone despite yesterday's sell-off. A positive outlook follows the recent recovery from $92.93, the Apr 11 low. The contract has also recently found support at levels near the 50-day EMA, which intersects at $98.82 today. A resumption of strength would open $116.64, the Mar 24 high and a key near-term resistance. Key support has been defined at $92.93. A break would reinstate a bearish theme.

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