(K3) Bulls Remain In The Driver’s Seat

• RES 4: $87.48 - High Nov 7 2022
• RES 3: $85.01 - High Nov 14
• RES 2: $83.04 - High Jan 23 and key resistance
• RES 1: $81.81 - High Apr 4
• PRICE: $81.67 @ 06:58 BST Apr 12
• SUP 1: $77.69 - 23.6% retracement of the Mar 20 - Apr 4 rally
• SUP 2: $75.72 - High Mar 31 and a gap low on the daily chart
• SUP 3: $72.19 - Low Mar 28
• SUP 4: $70.98 - 61.8% retracement of the Mar 20 - Apr 3 rally

WTI futures remain in a bull cycle and last week’s gain strengthened this current condition. The contract touched a high of $81.81 on Apr 4, above key resistance at $81.04, the Mar 7 high. A clear break of $81.04 would signal scope for a continuation higher and open $83.04, the Jan 23 high. Key support is seen at $75.72, the Mar 31 high and a gap low on the daily chart. A pullback, if seen, would be considered corrective.