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(N20) Bearish Risk Still Present *RES.....>

WTI TECHS
WTI TECHS: (N20) Bearish Risk Still Present
*RES 4: $41.88 - Low Mar 6 and the gap low on the daily chart
*RES 3: $40.44 - High Jun 8 and bull trigger
*RES 2: $39.91 - High Jun 10
*RES 1: $39.06 - High Jun 16
*PRICE: $37.49 @ 06:31 BST Jun 17
*SUP 1: $34.36/33.49 - Low Jun 15 / 50-day EMA
*SUP 2: $31.14 - Low May 28
*SUP 3: $30.72 - Low May 22 and key support
*SUP 4: $28.85 - 50.0% retracement of the Apr 28 - Jun 8 rally
WTI futures maintain a weaker outlook despite this week's recovery. Price last
week cleared trendline support, drawn off the Apr 29 low. This signalled a
potential trend reversal. Furthermore, trend conditions entered overbought
territory recently and the pullback is allowing this to unwind. Deeper losses
would expose $33.49, the 50-day EMA and $30.72, May 22 low. The latter is a key
support. Initial firm resistance is at $39.91, Jun 10 high.

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