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WTI TECHS: (M2) Bearish Risk Remains Present

WTI TECHS
  • RES 4: $119.95 - High Mar 8
  • RES 3: $118.13 - High Mar 9
  • RES 2: $113.51/113.90 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
  • RES 1: $106.44/111.37 - High May 11 / High May 5
  • PRICE: $104.27 @ 07:12 BST May 12
  • SUP 1: $98.20 - Low May 11
  • SUP 2: $95.28 - Low Apr 25 and a key near-term support
  • SUP 3: $92.60 - Low Apr 11 and a key support
  • SUP 4: $90.37 - Low Mar 15 and a bear trigger

A bearish threat in WTI futures remains present. Last week’s break of triangle resistance, drawn from the Mar 15 low, highlighted a bullish development. However the sell-off this week suggests the break was likely a false one. This threatens the recent recovery and instead exposes support at $95.28, Apr 25 low. A break would strengthen a bearish case and confirm a bearish triangle breakout instead. Key resistance is at $111.37, the May 5 high.

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  • RES 4: $119.95 - High Mar 8
  • RES 3: $118.13 - High Mar 9
  • RES 2: $113.51/113.90 - High Mar 24 / 76.4% of Mar 7 - 15 downleg
  • RES 1: $106.44/111.37 - High May 11 / High May 5
  • PRICE: $104.27 @ 07:12 BST May 12
  • SUP 1: $98.20 - Low May 11
  • SUP 2: $95.28 - Low Apr 25 and a key near-term support
  • SUP 3: $92.60 - Low Apr 11 and a key support
  • SUP 4: $90.37 - Low Mar 15 and a bear trigger

A bearish threat in WTI futures remains present. Last week’s break of triangle resistance, drawn from the Mar 15 low, highlighted a bullish development. However the sell-off this week suggests the break was likely a false one. This threatens the recent recovery and instead exposes support at $95.28, Apr 25 low. A break would strengthen a bearish case and confirm a bearish triangle breakout instead. Key resistance is at $111.37, the May 5 high.