Free Trial

(N3) Support Remains Exposed

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: $73.81 - High May 10 and key short-term resistance
  • PRICE: $72.30 @ 06:54 BST May 23
  • 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)

A short-term bearish threat in WTI futures remains present and initial resistance at $73.81, the May 10 high, is intact. A resumption of weakness and a break of $69.39, the May 15 low, would strengthen near-term bearish conditions. The recent print below $64.67, the Mar 20 low and a key support, is a key bearish development. A clear break of it would resume the broader downtrend.

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.