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

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.