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(N1) Heading North

WTI TECHS
  • RES 4: $72.70 - High Oct 15, 2018 (cont)
  • RES 3: $72.06 - 3.00 proj of Mar 23 - 30 - Apr 5 price swing
  • RES 2: $70.92 - 2.764 proj of Mar 23 - 30 - Apr 5 price swing
  • RES 1: $70.65 - High Jun 10
  • PRICE: $7018 @ 07:01 BST Jun 11
  • SUP 2: $67.02 - High May 18
  • SUP 3: $63.63/61.56 - Low May 24 / Low May 21
  • SUP 4: $60.55 - Low Apr 22 and key short-term support

WTI crude futures remain bullish and the contract traded higher once again yesterday. The psychological $70.00 handle has been cleared. The break reinforces current trend conditions and opens $70.92 next, a Fibonacci projection. Key trend support has been defined at $61.56, May 21 low. A break is required to suggest a key short-term top. Initial firm support is seen at $67.02.

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