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(M4) Key Short-Term Support Remains Intact For Now

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: $82.15 @ 07:08 BST Apr 23
  • SUP 1: $80.75 - 50-day EMA
  • SUP 2: $76.07 - Low Mar 11
  • SUP 3: $71.47 Low Feb 5
  • SUP 4: $70.11 - Low Jan 3

Last week’s move lower in WTI futures highlights the start of a short-term bearish corrective cycle. The contract has traded through the 20-day EMA and this has exposed key short-term support at the 50-day EMA, at $80.75. A clear break of the average would signal a stronger bearish theme and open $76.07, the Mar 11 low. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.

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