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Free Access(M3) Trend Needle Continues To Point South
- RES 4: $81.24 - High Apr 19
- RES 3: $79.18 - High Apr 24
- RES 2: $76.92 - High Apr 28 and key short-term resistance
- RES 1: $73.93 - Low Apr 28
- PRICE: $71.24 @ 07:07 BST May 16
- SUP 1: $68.48/63.64 - Low May 5 / 4
- SUP 2: $62.43 - Low Dec 2 2021
- SUP 3: $60.00 - Psychological round number
- SUP 4: $57.63 - Low Apr 5 2021
WTI futures remain below recent highs. The recovery that started May 4 appears to be a correction and the move higher has allowed an oversold trend condition to unwind. Initial resistance is at $73.93, the Apr 28 low ahead of $76.92, the Apr 28 high. On the downside, the recent print below $64.58, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of it would confirm a resumption of the broader downtrend.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.