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(N1) Correction Still In Play

WTI TECHS
  • RES 4: $70.00 - Psychological round number
  • RES 3: $67.95 - High Oct 29, 2018
  • RES 2: $67.25 - 2.00 proj of Mar 23 - 30 - Apr 5 price swing
  • RES 1: $65.35/67.02 - High May 19 / High May 18
  • PRICE: $64.03 @ 07:01 BST May 24
  • SUP 1: $61.56 - Low May 21
  • SUP 2: $60.55 - Low Apr 22 and key short-term support
  • SUP 3: $58.70 - Low Apr 12
  • SUP 4: $57.63 - Low Apr 5

WTI crude has entered a corrective phase and traded lower last week. Price has traded through support at $63.12, May 13 low. This has also resulted in a test of the 50-day EMA. The EMA intersects at $62.37 and a clear break would signal scope for a deeper pullback towards $60.55, Apr 22 low. The key resistance zone is $67.02, May 18 high. A breach would confirm a resumption of the broader uptrend.

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