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(N3) Watching Resistance At The 50-Day EMA

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: $74.41 - 50-day EMA
  • PRICE: $73.75 @ 07:14 BST May 24
  • 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 theme in WTI futures remains present and the latest gains are still considered corrective. Trend signals point south - moving average studies continue to highlight a downtrend. A resumption of weakness and a break of $69.39, the May 15 low, would strengthen near-term bearish conditions. On the upside, resistance is seen at $74.41, the 50-day EMA. A clear break of this level would alter the picture.

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