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(M3) Trend Needle Still Points South

WTI TECHS
  • 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: $70.33 @ 07:13 BST May 17
  • 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 and the short-term outlook is bearish. The recovery from the May 4 low appears to have been a correction and this 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 resume the medium-term downtrend.

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