Free Trial

(N2) Uptrend Remains Intact

WTI TECHS
  • RES 4: $125.73 - 1.382 proj of the May 11 - 17 -19 price swing
  • RES 3: $124.00 - Round number resistance
  • RES 2: $123.35 - 1.236 proj of the May 11 - 17 -19 price swing
  • RES 1: $123.18 - High Jun 7
  • PRICE: $121.26 @ 07:13 BST Jun 10
  • SUP 1: $117.14/114.15 - Low Jun 7 / 20-day EMA
  • SUP 2: $107.48 - 50-day EMA
  • SUP 3: $103.24 - Low May 19 and a key support
  • SUP 4: $100.00 - Round number support

WTI futures remain in an uptrend and the contract is trading closer to its recent highs. Futures on May 31, breached resistance at $116.43, Mar 7 high and a former contract high. This confirmed a resumption of the uptrend and paved the way for an extension higher. The contract has also traded above the psychological $120.00 handle, strengthening current trend conditions. Firm support is seen at $114.15, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.