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(M1) Corrective Bounce

WTI TECHS
  • RES 4: $67.29 - High Mar 8 and the bull trigger
  • RES 3: $66.15 - High Mar 15
  • RES 2: $65.75 - Former trendline support drawn off Nov 2, 2020 low
  • RES 1: $64.38 - High Apr 20
  • PRICE: $62.50 @ 06:58 BST Apr 27
  • SUP 1: $60.61 - Low Apr 22
  • SUP 2: $60.15 - 50-day EMA
  • SUP 3: $58.77 - Low Apr 12
  • SUP 4: $57.68 - Low Apr 5

WTI futures last week found resistance at $64.38, Apr 20 high. A recent bullish focus remains on hold following the pullback from this high and despite recent gains. Price has probed the 20-day EMA. A clear break would suggest scope for a deeper pullback towards the 50-day EMA at $60.15. For bulls, clearance of the Apr 20 high would instead reinstate a bullish focus and signal scope for a climb towards $66.15, Mar 15 high.

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