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(N3) Bearish Outlook

WTI TECHS
  • RES 4: $80.93 - High Apr 19
  • RES 3: $79.00 - High Apr 24
  • RES 2: $76.74 - High Apr 28
  • RES 1: $72.56/75.06 - 50-day EMA / High Jun 5 and a key resistance
  • PRICE: $70.76 @ 06:30 BST Jun 20
  • SUP 1: $66.80 - Low Jun 12
  • SUP 2: $63.90 - Low May 4 and key support
  • SUP 3: $62.43 - Low Dec 2 2021 (cont)
  • SUP 4: $60.00 - Psychological round number

WTI futures continue to trade below resistance at $75.06, the Jun 5 high and the outlook remains bearish, despite last week’s recovery. The pullback from $75.06 reinforces a bearish theme. Support at $67.03, May 31 low, has recently been pierced, a clear break would open $63.90, May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.06 would signal a reversal. S/T gains are considered corrective.

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