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(N3) Trend Needle Still Points South

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: $71.03 @ 06:57 BST May 22
  • 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.

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