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(K2) Positive Short-Term Tone Intact

WTI TECHS
  • RES 4: $126.42 - High Mar 7 and the bull trigger
  • RES 3: $122.73 - High Mar 9
  • RES 2: $118.34 - 76.4% retracement of the Mar 7 - 15 downleg
  • RES 1: $113.35 - 61.8% of the Mar 7 - 15 downleg and Mar 22 high
  • PRICE: $110.03 @ 07:12 GMT Mar 23
  • SUP 1: $101.56 - 20-day EMA
  • SUP 2: $93.80/92.20 - 50-day EMA / Low Mar 15
  • SUP 3: $88.49 - Low Feb 25
  • SUP 4: $85.81 - Low Feb 18

WTI futures are holding onto recent gains following the recovery from $92.20, the Mar 15 low. The move higher means the 50-day EMA, at $93.80 today, remains intact and that this average also provided a firm short-term support last week. A continuation higher would open 118.34, a Fibonacci retracement level. On the downside, a breach of the 50-day EMA would instead reinstate the recent bearish theme.

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