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(M4) Testing 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: $84.46/86.97 - High Apr 26 / 12 and the bull trigger
  • PRICE: $81.14 @ 07:11 BST May 1
  • SUP 1: $81.23/80.70 - 50-day EMA / Low Apr 22
  • SUP 2: $76.07 - Low Mar 11
  • SUP 3: $71.47 Low Feb 5
  • SUP 4: $70.11 - Low Jan 3

WTI futures traded lower yesterday. The contract is testing support at the 50-day EMA, at $81.23. A clear break of this average would strengthen a short-term bearish theme and highlight scope for a deeper correction. This would open $76.07, the Mar 11 low. Key resistance and the bull trigger has been defined at $86.97, the Apr 12 high. Initial resistance is at $84.46, the Apr 26 high.

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