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(N4) Recent Short-Term Gains Appear To Be A Correction

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $86.93 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 2: $83.63/86.16 - High Apr 26 / 12 and the bull trigger
  • RES 1: $80.90 - High May 1
  • PRICE: $78.78 @ 07:14 BST May 21
  • SUP 1: $76.36 - Low May 15
  • SUP 2: $75.64 - Low Mar 11
  • SUP 3: $73.24 - 76.4% retracement of the Dec 13 - Apr 12 bull leg
  • SUP 4: $71.33 - Low Feb 5

Despite the latest move higher, a bearish theme in WTI futures remains intact and short-term gains are considered corrective. Price has recently traded below the 50-day EMA, strengthening a bearish set-up that highlights potential for a deeper correction. Scope is seen for a move to $76.07, the Mar 11 low. Key resistance and the bull trigger is at $86.97, the Apr 12 high. Initial firm resistance to watch is at $84.46, the Apr 26 high.

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