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(N3) Corrective Bull Cycle Still In Play

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: $74.73 - High May 24
  • PRICE: $73.95 @ 07:03 BST May 25
  • 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)

WTI futures traded higher yesterday and this resulted in a test of the 50-day EMA, which intersects at $74.41. 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. Trend signals still highlight a bear market. Support to watch lies at $69.39, the May 15 low. A break would be bearish.

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