(N19) Rallies Remain Corrective *RES 4:...>

WTI TECHS: (N19) Rallies Remain Corrective

*RES 4: $59.70 - High May 30 

*RES 3: $58.42 - 100-dma 

*RES 2: $56.61 - High May 31 

*RES 1: $54.63 - High June 3

*PRICE: $53.02 @ 03:33 GMT Jun 4 

*SUP 1: $52.11 - Low June 3

*SUP 2: $51.62 - 61.8% of Dec-Apr rally 

*SUP 3: $51.23 - Low Feb 22

*SUP 4: $50.38 - Low Jan 14

The selloff in WTI futures extended as low as $52.11 yesterday before a slight

corrective rally. The focus remains on the downside with yesterday's low the

initial target ahead of the 61.8% retracement of the Dec-Apr rally at $51.62.

Below here opens the Feb 22 low at $51.23, ahead of the Jan 14 low at $50.38.

Bulls need a close above yesterday's high to stabilise the outlook while a break

back above Friday's high at 56.61 would suggest a potential upside reversal.