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(N4) Trading Closer To Its Recent Highs

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: $79.06 @ 07:15 BST May 30
  • SUP 1: $76.15 - Low May 24
  • 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

WTI futures traded higher yesterday and the contract is holding on to its most recent gains. The trend direction remains down and the latest recovery appears to be a correction - for now. A resumption of weakness would signal scope for a move towards $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $83.63, the Apr 26 high.

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