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(M2) Bullish Theme Intact

WTI TECHS
  • RES 4: $121.17 High Mar 7 and the trend high
  • RES 3: $120.00 Psychological round number
  • RES 2: $118.13 - High Mar 9
  • RES 1: $114.98 - Intraday high
  • PRICE: $113.74 @ 07:04 BST May 18
  • SUP 1: $106.17 20-day EMA
  • SUP 2: $102.00/98.20 - 50-day EMA / Low May 11
  • SUP 3: $95.28 - Low Apr 25 and a key near-term support
  • SUP 4: $92.60 - Low Apr 11 and a key support

WTI futures started the week on a firmer note and the contract is holding on to its recent gains. Price has breached resistance at $111.37. May 5 high and this has improved the outlook for bulls. Note that $113.51, the Mar 24 high has also been cleared. A continuation higher would open $120.00 and the key resistance and trend high of $121.17 on Mar 7. On the downside, key short-term support lies at $98.20, May 11 low.

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  • RES 4: $121.17 High Mar 7 and the trend high
  • RES 3: $120.00 Psychological round number
  • RES 2: $118.13 - High Mar 9
  • RES 1: $114.98 - Intraday high
  • PRICE: $113.74 @ 07:04 BST May 18
  • SUP 1: $106.17 20-day EMA
  • SUP 2: $102.00/98.20 - 50-day EMA / Low May 11
  • SUP 3: $95.28 - Low Apr 25 and a key near-term support
  • SUP 4: $92.60 - Low Apr 11 and a key support

WTI futures started the week on a firmer note and the contract is holding on to its recent gains. Price has breached resistance at $111.37. May 5 high and this has improved the outlook for bulls. Note that $113.51, the Mar 24 high has also been cleared. A continuation higher would open $120.00 and the key resistance and trend high of $121.17 on Mar 7. On the downside, key short-term support lies at $98.20, May 11 low.