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(K4) Pullback Appears To Be A Correction

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $84.87 - High Sep 15 ‘23 and a key resistance
  • RES 2: $83.87 - High Oct 20 ‘23
  • RES 1: $83.12 - High Mar 19
  • PRICE: $80.55 @ 07:19 GMT Mar 22
  • SUP 1: $79.27 - 20-day EMA
  • SUP 2: $77.47/75.50 - 50-day EMA / Low Feb 26
  • SUP 3: $71.52 Low Feb 5
  • SUP 4: $70.02 - Low Jan 3

WTI futures traded higher Tuesday and a bull theme remains intact. The latest pullback is considered corrective. Recent gains resulted in a break of $79.87, Mar 1 high. The move higher confirms a resumption of the uptrend that has been in place since mid-December last year. Sights are on $83.87 next, the Oct 20 ‘23 high. A break of this level would open $84.87, the Sep 15 ‘23 high and a key resistance. Support to watch is $79.27, the 20-day EMA.

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