(N20) Still Testing Trendline Support.....>

WTI TECHS: (N20) Still Testing Trendline Support

*RES 4: $45.50 - 61.8% retracement of the Jan - Apr sell-off

*RES 3: $43.94 - Low Mar 2

*RES 2: $41.88 - Low Mar 6 and the gap low on the daily chart

*RES 1: $40.44 - High Jun 8

*PRICE: $38.09 @ 06:46 BST Jun 11

*SUP 1: $39.02/37.05 - Trendline support drawn off the Apr 29 low / Low Jun 5

*SUP 2: $35.88 - Low Jun 3

*SUP 3: $32.36 - Low May 29

*SUP 4: $30.72 - Low May 22 and key support

The current WTI bull run remains intact. Price recently traded above $37.64, Mar

9 high and a gap low on the daily chart. This reinforced the underlying bullish

theme. Furthermore, futures Monday traded above the psychological $40.00 level.

Scope is seen for a climb towards $41.88, Mar 6 low and a gap high on the chart.

Note, the contract is trading below trendline support at $39.02 drawn off the

Mar 29 low. A clear break would represent a concern for bulls.