Free Trial

(N3) Bearish Outlook

WTI TECHS
  • RES 4: $80.93 - High Apr 19
  • RES 3: $79.00 - High Apr 24
  • RES 2: $76.74 - High Apr 28
  • RES 1: $74.24/73 - 50-day EMA / High May 24
  • PRICE: $72.16 @ 06:507 BST May 30
  • SUP 1: $69.39/63.90 - Low May 15 / 4
  • SUP 2: $62.43 - Low Dec 2 2021 (cont)
  • SUP 3: $60.00 - Psychological round number
  • SUP 4: $57.63 - Low Apr 5 2021 (cont)

The latest pullback in WTI futures means that - for now - the contract has failed to overcome resistance at the 50-day EMA, which intersects at $74.24. Recent short-term gains are considered corrective, however, a clear breach of the 50-day EMA would highlight a stronger bullish theme and expose $76.74, the Apr 28 high. Support to watch lies at $69.39, the May 15 low. A break would be bearish.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.