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(N2) Eyeing Resistance

WTI TECHS
  • RES 4: $120.00 - Psychological round number
  • RES 3: $116.43 - High Mar 7 and the trend high
  • RES 2: $115.04 - High Mar 8
  • RES 1: $113.20 - High May 17
  • PRICE: $109.00 @ 0711 BST May 24
  • SUP 1: $103.24 - Low May 19
  • SUP 2: $101.33/96.93 - 50-day EMA / Low May 11 and key S/T level
  • SUP 3: $94.47 - Low Apr 25
  • SUP 4: $92.15 - Low Apr 11 and a key support

WTI futures continue to trade closer to recent highs. Price has recently breached resistance at $109.77, May 5 high and this improved the outlook for bulls. Note that $110.07, the Mar 24 high has also been cleared. A resumption would signal scope for a climb towards key resistance at $116.43, the Mar 7 trend high. Key short-term support lies at $96.93, May 11 low, where a break would instead signal a potential top.

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