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(N3) Outlook Remains Bearish Despite The Latest Bounce

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: $73.68/74.73 - 50-day EMA / High May 24
  • PRICE: $70.81 @ 07:08 BST Jun 2
  • SUP 1: $66.46 - 76.4% retracement 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 this week has resulted in a break of support at $69.39, the May 15 low. The clear breach strengthens bearish conditions and paves 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 $73.68, where a break would be seen as a bullish development. The most recent recovery is considered corrective.

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