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(N4) Clears Support

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $86.93 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 2: $83.63/86.16 - High Apr 26 / 12 and the bull trigger
  • RES 1: $80.62 - High May 1
  • PRICE: $74.86 @ 14:57 BST Jun 3
  • SUP 1: $74.66 - Low Feb 26
  • SUP 2: $73.24 - 76.4% retracement of the Dec 13 - Apr 12 bull leg
  • SUP 3: $71.33 - Low Feb 5
  • SUP 4: $69.25 - Low Dec 13 ‘23 and a key support

WTI futures are trading sharply lower today, starting the week on a bearish note. The contract has traded through support at $76.15, the May 24 low, and cleared $75.64, the Mar 11 low. This reinforces a bearish theme and signals scope for an extension near-term. Sights are on $73.24, a Fibonacci retracement. Note that moving average studies are in a bear-mode position, highlighting a downtrend. Initial firm resistance is at $80.62, the May 29 high.

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