May 13, 2024 08:19 GMT
(M4) Short-Term Structure Remains Bearish
WTI TECHS
- RES 4: $90.00 - Psychological round number
- RES 3: $88.07 - 2.00 proj of the Jan 3 - 29 - Feb 5 price swing
- RES 2: $84.46/86.97 - High Apr 26 / 12 and the bull trigger
- RES 1: $81.00 - 20-day EMA
- PRICE: $78.43 @ 09:12 BST May 13
- SUP 1: $76.89 - Low May 8
- SUP 2: $76.07 - Low Mar 11
- SUP 3: $73.30 - 76.4% retracement of the Dec 13 - Apr 12 bull leg
- SUP 4: $71.47 - Low Feb 5
A bearish theme in WTI futures remains intact and the contract traded to a fresh short-term cycle low last week. Gains off this mark are considered corrective for now. Price has recently breached the 50-day EMA, strengthening a short-term bearish theme that highlights potential for a deeper correction. Scope is seen for a move to $76.07, Mar 11 low. Key resistance and the bull trigger is at $86.97, the Apr 12 high. Initial firm resistance is at $84.46, the Apr 26 high.
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