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(N4) Remains Soft

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: $76.15/80.62 - Low May 24 / High May 1
  • PRICE: $73.13 @ 07:15 BST Jun 5
  • 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 have traded sharply lower this week and the contract remains soft. Price has cleared $73.24, the 76.4% retracement of the Dec 13 - Apr 12 bull leg. This reinforces the current bearish theme and signals scope for a continuation. Note that moving average studies are in a bear-mode position too, highlighting a downtrend. Sights are on $71.33 next, the Feb 5 low. Initial resistance is at $76.15, the May 24 low and a recent breakout level.

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