(M2) Bearish Risk Still Present

• RES 4: $119.95 - High Mar 8
• RES 3: $118.13 - High Mar 9
• RES 2: $113.51/113.90 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
• RES 1: $103.56/111.37 - 20-day EMA / High May 5
• PRICE: $102.09 @ 07:14 BST May 11
• SUP 1: $98.20 - Intraday low
• SUP 2: $95.28 - Low Apr 25 and a key near-term support
• SUP 3: $92.60 - Low Apr 11 and a key support
• SUP 4: $90.37 - Low Mar 15 and a bear trigger

WTI futures reversed course Monday. Last week’s break of triangle resistance, drawn from the Mar 15 low, highlighted a bullish development. However the sell-off this week suggests the bullish break was likely a false one. This threatens the recent recovery and instead exposes support at $95.28, Apr 25 low. A break would strengthen a bearish case and confirm a bearish triangle breakout. Key resistance is at $111.37, the May 5 high.