(N4) Outlook Remains Bearish Despite Recent Gains

• 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: $78.38/80.62 - 50-day EMA / High May 1
• PRICE: $77.75 @ 07:17 BST Jun 11
• SUP 1: $72.48 - Low Jun 4
• SUP 2: $71.33 - Low Feb 5
• SUP 3: $69.25 - Low Dec 13 ‘23 and a key support
• SUP 4: $66.79 - 1.382 proj of the Apr 12 - May 24 - 29 price swing

WTI futures traded higher Monday. For now, short-term gains are considered corrective and the trend direction remains bearish. Resistance to watch is $78.38, the 50-day EMA. Clearance of this EMA would expose the key short-term resistance at $80.62, the May 1 high, where a break is required to cancel a bear theme. On the downside, a resumption of weakness would open $71.33, the Feb 5 low.