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(N2) Remains Above Yesterday’s Low

  • 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: $117.16 @ 07:52 BST Jun 17
  • SUP 1: $112.31 - Low Jun 16
  • SUP 2: $109.50 - 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 is in a corrective cycle and price has traded below support at the 20-day EMA, although the contract has recovered from yesterday’s low of $112.31. This is seen as a key short-term support and a resumption of gains would refocus attention on 123.68, Jun 14 high and the near-term bull trigger. A break would confirm a resumption of the uptrend.

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