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(N1) Bull Trend Remains Intact

WTI TECHS
  • RES 4: $70.22 - 2.618 proj of Mar 23 - 30 - Apr 5 price swing
  • RES 3: $70.00 - Psychological round number
  • RES 2: $69.09/66 - 2.382 and 2.5 proj of Mar 23-30-Apr 5 price swing
  • RES 1: $68.87 - High Jun1
  • PRICE: $67.99 @ 07:00 BST Jun 2
  • SUP 1: $65.18 - 20-day EMA
  • SUP 2: $63.63/61.56 - Low May 24 / Low May 21
  • SUP 3: $60.55 - Low Apr 22 and key short-term support
  • SUP 4: $58.70 - Low Apr 12

WTI crude traded higher Friday and confirmed a fresh trend high print of $67.52. This marks a resumption of the underlying uptrend and signals scope for an extension of gains. A fresh high was again confirmed yesterday. The focus is on $69.09 and $69.66, Fibonacci projections. On the downside, key support has been defined at $61.56, May 21 low. A break is required to suggest a short-term top. Initial support is at $65.18.

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