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(M2) Corrective Pullback

WTI TECHS
  • RES 4: $118.13 - High Mar 9
  • RES 3: $113.51/113.90 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
  • RES 2: $110.22 - High Mar 28
  • RES 1: $109.20 - High Apr 18
  • PRICE: $103.77 @ 13:09 BST Apr 20
  • SUP 1: $97.18 - 50-day EMA
  • SUP 2: $92.60 - Low Apr 11 and a key support
  • SUP 3: $90.37 - Low Mar 15 and a bear trigger
  • SUP 4: $86.67 - Low Feb 25

WTI futures maintain a bullish tone despite Tuesday’s move lower. A positive outlook follows the recent recovery from $92.60, Apr 11 low. The contract has also recently found support at levels just below the 50-day EMA, which intersects at $97.18 today. A resumption of strength would open $113.51, the Mar 24 high and a key near-term resistance. Initial resistance is at $109.20, the Apr 18 high. Key support has been defined at $92.60.

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