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(K2) Off Recent Lows But Bearish Threat Remains Present

WTI TECHS
  • RES 4: $126.42 - High Mar 7 and the bull trigger
  • RES 3: $122.73 - High Mar 9
  • RES 2: $116.64/118.34 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
  • RES 1: $108.75/112.93 -High Mar 30 / High Mar 28
  • PRICE: $105.13 @ 07:18 BST Apr 5
  • SUP 1: $97.78/61 - Low Apr 1 / 50-day EMA
  • 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

The recent move lower in WTI futures from $116.64, Mar 24 high, highlights a short-term bearish threat. The contract has also recently traded below the 20-day EMA. This signals scope for a move towards the 50-day EMA at $97.61 This average represents an important pivot level and a break would suggest scope for a deeper pullback. On the upside, clearance of $116.64 would reinstate recent bullish conditions. Initial resistance is at $108.75.

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