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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: $72.49 @ 07:10 BST May 18
  • SUP 1: $69.41/63.64 - Low May 15 / 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 traded higher Wednesday. A short-term bearish threat remains present and initial resistance at $73.93, the Apr 28 low, is intact. A resumption of weakness and a break of $69.41, the May 15 low, would strengthen near-term bearish conditions. The recent print below $64.58, the Mar 20 low and a key support, is a medium-term bearish development. A clear break of it would resume the broader downtrend.

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