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(N2) Tests The 50-Day EMA

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: $118.97/123.68 - High Jun 17 / High Jun 14 and bull trigger
  • PRICE: $111.52 @ 05:04 BST Jun 21
  • SUP 1: $108.25 - Low Jun 17 and key short-term support
  • 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 traded sharply lower Friday, resulting in a break of the 20-day EMA. The move lower has also resulted in a print below the 50-day EMA - currently at $109.50. Friday’s low of $108.25 represents a key short-term support where a break would signal scope for a deeper near-term pullback. For bulls, the broader trend remains up and the bull trigger is at 123.68, the Jun 14 high.

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