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(N3) Bears Remain In The Driver’s Seat

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: $74.24/73 - 50-day EMA / High May 24
  • PRICE: $69.32 @ 07:07 BST May 31
  • SUP 1: $69.02/66.46 - Low May 30 / 76.4% of the May 4 - 24 rally
  • 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 remain in a bear mode position. The strong sell-off yesterday resulted in print below support at $69.39, the May 15 low. A clear break of this level would strengthen bearish conditions and pave the way for weakness towards $63.90, the May 4 low. On the upside, key resistance is at the 50-day EMA. The average intersects at $74.06, where a clear break would instead be seen as a bullish development.

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