(N20) Testing Trendline Support *RES 4:...>

WTI TECHS: (N20) 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: $38.31 @ 06:38 BST Jun 10

*SUP 1: $38.30/35.05 - 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 despite the recent pullback. Price last

week 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. The focus is on a climb towards $41.88,

Mar 6 low and a gap high on the chart. The contract is testing trendline support

at $38.30 drawn off the Mar 29 low. A clear break would concern bulls.