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(K2) Remains Below Resistance

  • 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: $105.59 - High Apr 5 and key near-term resistance
  • PRICE: $100.73 @ 07:15 BST Apr 13
  • SUP 1: $92.93 - 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

Recent weakness in WTI futures resulted in a breach of the 50-day EMA. The move lower marks an extension of the current bearish cycle and the print below the 50-day EMA continues to suggest scope for an extension lower near-term. The focus is on the next key support at $92.20, the Mar 15 low and an important bear trigger. Initial firm resistance has been defined at $105.59, the Apr 5 high, where a break would ease current bearish pressure.

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