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(N2) Trades Above The $120.00 Handle

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 - Intraday high
  • PRICE: $119.42 @ 07:11 BST Jun 6
  • SUP 1: $111.01 - 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 confirms a resumption of the underlying uptrend and paves the way for an extension higher. The contract has traded above the psychological $120.00 handle. A clear break of this level would further strengthen bullish conditions. On the downside, firm support is seen at $111.01, the 20-day EMA.

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