WTI moved in a consolidative mode on Wednesday, remaining supported by the 200-period moving average and the 38.2% retracement level of the 17 Mar. -16 Apr. uptrend. A clear dip below that support zone may see the 50% retracement level of the aforementioned advance at 100.55 (S2). The MACD remains below both its zero and signal lines, keeping the momentum to the downside.
Support: 101.40 (S1), 100.55 (S2), 99.35 (S3)
Resistance: 102.00 (R1), 103.00 (R2), 104.00 (R3).
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