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(K3) Correction Lower Extends

WTI TECHS
  • RES 4: $89.23 - High Aug 25 2022
  • RES 3: $87.48 - High Nov 7 2022
  • RES 2: $85.01 - High Nov 14
  • RES 1: $83.53 - High Apr 12 and the bull trigger
  • PRICE: $78.21 @ 06:34 BST Apr 20
  • SUP 1: $77.42 - 50-day EMA
  • SUP 2: $75.72 - High Mar 31 and gap low on the daily chart
  • SUP 3: $72.19 - Low Mar 28
  • SUP 4: $69.13 - Low Mar 27

WTI futures are trading lower this week. This has resulted in a breach of support at $79.00, the Apr 3 low and the gap high on the daily chart. A continuation lower would signal scope for a deeper retracement, towards the 50-day EMA at $77.42. On the upside, key short-term resistance has been defined at $83.53, the Apr 12 high. A break of this level is required to resume the recent uptrend.

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