The near-term uptrend for WTI failed at 39 so this is the current reference point for the resistance level. WTI dropped 1.74% today to close at 36.72. The 36 level is a tentative support level that would trigger sell orders if crude breaks below this point. But, the major support level is 35. A Break below 35 would trigger heavy selling and a test of the February lows would come into play.
Reference my chart analysis for WTI on March 2, 2016 when 35 was major resistance for the near-term uptrend. Because of the reversal of roles, 35 is now major support.
“Technical Analysis is about probabilities.”
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