April 22, 2024 06:15 GMT
(M4) Approaching Key Short-Term Support
WTI TECHS
- RES 4: $91.24 - 2.382 proj of the Jan 3 - 29 - Feb 5 price swing
- RES 3: $90.00 - Psychological round number
- RES 2: $88.07 - 2.00 proj of the Jan 3 - 29 - Feb 5 price swing
- RES 1: $86.97 - High Apr 12 and the bull trigger
- PRICE: $81.29 @ 07:04 BST Apr 22
- SUP 1: $80.70 - 50-day EMA
- SUP 2: $76.07 - Low Mar 11
- SUP 3: $71.47 Low Feb 5
- SUP 4: $70.11 - Low Jan 3
A bull theme in WTI futures remains intact, however, last week’s move lower highlights the start of a short-term bearish corrective cycle. The contract has traded through the 20-day EMA and this signals scope for an extension towards the 50-day EMA, at $80.70. A clear break of the 50-day EMA would signal a stronger bearish theme. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
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