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MNI China Daily Summary: Monday, May 29

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(K3) Holding On To Its Recent Gains

WTI TECHS
Homepagemarkets-real-timeCommoditiesEnergy BulletsBulletEnergy Technical Analysis
  • RES 4: $81.04 - High Mar 7 and a key resistance
  • RES 3: $78.17 - High Mar 9
  • RES 2: $77.10 - 76.4% retracement of the Mar 7 - 20 downleg
  • RES 1: $75.12 - 50-day EMA
  • PRICE: $72.94 @ 06:46 BST Mar 30
  • SUP 1: $69.28 Trendline drawn from the Mar 20 low
  • SUP 2: $66.82/64.36 - Low Mar 24 / 20 and the bear trigger
  • SUP 3: $62.43 - Low Dec 2 2021 (cont) and a key support
  • SUP 4: $63.19 - 1.764 proj of the Jan 23 - Feb 6 - Mar 7 price swing

WTI futures continue to trade closer to this week’s highs. Price has breached resistance at the 20-day EMA which intersects at $72.64. The break is a short-term bullish development and a continuation higher would expose the 50-day EMA, at $74.96. This average represents the next key resistance point. On the downside, initial firm support lies at $66.82, the Mar 24 low. A break of this level would be bearish.

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  • RES 4: $81.04 - High Mar 7 and a key resistance
  • RES 3: $78.17 - High Mar 9
  • RES 2: $77.10 - 76.4% retracement of the Mar 7 - 20 downleg
  • RES 1: $75.12 - 50-day EMA
  • PRICE: $72.94 @ 06:46 BST Mar 30
  • SUP 1: $69.28 Trendline drawn from the Mar 20 low
  • SUP 2: $66.82/64.36 - Low Mar 24 / 20 and the bear trigger
  • SUP 3: $62.43 - Low Dec 2 2021 (cont) and a key support
  • SUP 4: $63.19 - 1.764 proj of the Jan 23 - Feb 6 - Mar 7 price swing

WTI futures continue to trade closer to this week’s highs. Price has breached resistance at the 20-day EMA which intersects at $72.64. The break is a short-term bullish development and a continuation higher would expose the 50-day EMA, at $74.96. This average represents the next key resistance point. On the downside, initial firm support lies at $66.82, the Mar 24 low. A break of this level would be bearish.