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(N2) Corrective Pullback

WTI TECHS
  • RES 4: $127.65 - 1.382 proj of the May 11 - 17 -19 price swing
  • RES 3: $125.73 - 1.382 proj of the May 11 - 17 -19 price swing
  • RES 2: $124.00 - Round number resistance
  • RES 1: $123.68 - High Jun 14 and fresh cycle high
  • PRICE: $116.38 @ 07:49 BST Jun 16
  • SUP 1: $114.60 - Low Jun 15
  • SUP 2: $109.16 - 50-day EMA
  • SUP 3: $103.24 - Low May 19 and a key support
  • SUP 4: $100.00 - Round number support

The WTI futures outlook is unchanged and the uptrend remains firmly intact. For now though, the contract has entered a corrective cycle and price has traded below support at the 20-day EMA. The average intersects at 115.66. A clear break of the EMA would suggest scope for a deeper pullback, potentially towards the 50-day EMA, at 109.16. For bulls, a break of 123.68, Jun 14 high, would confirm a resumption of the uptrend.

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