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(N2) Bulls Have Sights On $120.00

WTI TECHS
  • RES 4: $125.73 - 1.382 proj of the May 11 - 17 -19 price swing
  • RES 3: $123.35 - 1.236 proj of the May 11 - 17 -19 price swing
  • RES 2: $120.00 - Psychological Resistance
  • RES 1: $119.98 - High May 31
  • PRICE: $116.89 @ 07:55 BST Jun 3
  • SUP 1: $110.18 - 20-day EMA
  • SUP 2: $103.24 - Low May 19 and a key support
  • SUP 3: $100.00 - Round number support
  • SUP 4: $96.93 - Low May 11

WTI futures remain in an uptrend. The contract has this week breached resistance at $116.43, the Mar 7 high and the former contract high. This confirmed a resumption of the underlying uptrend and paves the way for a test of the $120.00 handle and potentially beyond. Initial firm support is seen at $110.18, the 20-day EMA. A break of this average would suggest scope for a deeper correction.

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