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(M1) Needle Still Points North

WTI TECHS
  • RES 4: $70.00 - Psychological round number
  • RES 3: $67.95 - High Oct 29, 2018
  • RES 2: $67.29 - High Mar 8 and the bull trigger
  • RES 1: $66.76 - High May 5
  • PRICE: $65.33 @ 06:54 BST May 12
  • SUP 1: $63.68 - Low May 11
  • SUP 2: $62.91 - Low May 3 and key near-term support
  • SUP 3: $60.61 - Low Apr 22 and key short-term support
  • SUP 4: $58.77 - Low Apr 12

WTI futures maintain a bullish tone following last week's gains. The contract has probed resistance at $66.15, Mar 15 high where a clear break would pave the way for a test of the key hurdle for bulls at $67.29, Mar 8 high. Clearance of this resistance would confirm a resumption of the broader uptrend. On the downside, firm near-term support has been defined at $62.91, May 3 low. A break would be bearish.

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