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(N2) Clears The Contract High

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: $119.42 - Intraday high
  • PRICE: $118.99 @ 08:04 BST May 31
  • SUP 1: $108.25 - 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 have started the week on a firm note and are trading higher this morning. The contract has breached resistance at $116.43, the Mar 7 high and the former contract high. This confirms 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 $108.25, the 20-day EMA. A break of this average would highlight the start of a correction.

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