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(N4) Trend Signals Remain Bearish

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: $80.11 - High May 20
  • PRICE: $78.80 @ 07:16 BST May 28
  • 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

WTI futures are trading inside a range. A bearish theme remains intact and the sideways move is seen as a pause in the downtrend. 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 $75.64, the Mar 11 low. Key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial resistance to watch is at $80.11, the May 20 high.

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