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(N1) Path Of Least Resistance Remains Up

WTI TECHS
  • RES 4: $74.00 - Round number resistance
  • RES 3: $73.20 - 3.236 proj of Mar 23 - 30 - Apr 5 price swing
  • RES 2: $72.70 - High Oct 15, 2018 (cont)
  • RES 1: $72.06 - 3.00 proj of Mar 23 - 30 - Apr 5 price swing
  • PRICE: $71.19 @ 06:59 BST Jun 15
  • SUP 1: $68.06 - 20-day EMA
  • 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 recently been cleared. The break reinforces current trend conditions and opens $72.06 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 $68.06, the 20-day EMA.

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