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(M1) Corrective Pullback

  • RES 4: $67.29 - High Mar 8 and the bull trigger
  • RES 3: $66.15 - High Mar 15
  • RES 2: $64.77 - Former trendline support drawn off Nov 2, 2020 low
  • RES 1: $64.68 - High Mar 18
  • PRICE: $62.24 @ 07:05 BST Apr 21
  • SUP 1: $61.48 - 20-day EMA
  • SUP 2: $60.43 - Low Apr 14
  • SUP 3: $58.77 - Low Apr 12
  • SUP 4: $57.68 - Low Apr 5

WTI futures maintain a bullish tone following last week's breach of $62.27, Mar 30 high and despite yesterday's pullback. With short-term momentum studies pointing north, further gains are likely. The next key resistance is $64.68/77, the Mar 18 high and a former trendline support drawn off the Nov 2, 2020 low respectively. A break of this zone would open $66.15, Mar 15 high. Initial support is at $61.48, the 20-day EMA.

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