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(M3) Volatile And Bearish

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: $71.79/73.93 - High May 3 / Low Apr 28
  • PRICE: $69.14 @ 06:36 BST May 4
  • SUP 1: $63.64 - Intraday low
  • 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 bearish and have traded in a volatile manner today - the contract has recovered from its intraday low of $63.64. The print below $64.58, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of this level would confirm a resumption of the broader downtrend. The short-term trend condition is oversold and gains would be considered corrective. Initial resistance is at $71.79, yesterday’s high.

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