(M3) Bear Threat Still Present

• RES 4: $85.54 - High Nov 8 2022
• RES 3: $83.38 - High Apr 12 and the bull trigger
• RES 2: $81.24 - High Apr 19
• RES 1: $79-18 - High Apr 24 and a key short-term resistance
• PRICE: $75.46 @ 07:08 BST May 2
• SUP 1: $73.93 - Low Apr 28
• SUP 2: $72.76 - Low Mar 30
• SUP 3: $71.76 - $61.8% retracement of the Mar 20 - Apr 12 rally
• SUP 4: $70.00 - Round number support

The outlook in WTI futures remains bearish and last Wednesday's strong sell-off reinforces the current theme. $73.98 was pierced late last week, the 50.0% retracement of the Mar 20 - Apr 12 rally. A clear break of this level would open $72.76, the Mar 30 low. A key short-term resistance has been defined at $79.18, the Apr 24 high where a breach is required to ease bearish pressure. This would also highlight a potential reversal.