(N20) Unwinding Overbought Condition......>

WTI TECHS: (N20) Unwinding Overbought Condition

*RES 4: $43.94 - Low Mar 2

*RES 3: $41.88 - Low Mar 6 and the gap low on the daily chart

*RES 2: $40.44 - High Jun 8 and bull trigger

*RES 1: $39.91 - High Jun 10

*PRICE: $35.48 @ 06:52 BST Jun 12

*SUP 1: $34.48 - Intraday low

*SUP 2: $33.00 - 50-day EMA

*SUP 3: $31.14 - Low May 28

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

WTI futures traded lower yesterday. Price has cleared trendline support at

$39.02, drawn off the Apr 29 low. This signals a developing bearish threat and a

potential short-term reversal. Furthermore, trend conditions entered overbought

territory recently and the pullback is allowing this to unwind. Deeper losses

would expose $33.00, the 50-day EMA and $30.72, May 22 low and a key support.

Initial firm resistance is at $39.91, Jun 10 high.