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(N2) Northbound

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: $122.00 - Round number resistance
  • RES 1: $120.99 - High Jun 6
  • PRICE: $119.41 @ 07:46 BST Jun 7
  • SUP 1: $111.72 - 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 last week breached resistance at $116.43, the Mar 7 high and the former contract high. This confirmed a resumption of the underlying uptrend and has paved the way for an extension higher. The contract has also traded above the psychological $120.00 handle. A clear break of this level would strengthen trend conditions. On the downside, firm support is seen at $111.72, the 20-day EMA.

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