June 03, 2024 06:24 GMT
(N4) Trend Needle Points South
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: $76.72 @ 07:13 BST Jun 3
- SUP 1: $76.15 - Low May 24
- SUP 2: $75.64 - Low Mar 11
- SUP 3: $73.24 - 76.4% retracement of the Dec 13 - Apr 12 bull leg
- SUP 4: $71.33 - Low Feb 5
WTI futures have pulled back from last Wednesday’s high of 80.62. The trend direction is unchanged and remains. The latest recovery appears to have been a correction. A continuation lower would signal scope for a move towards $75.64, the Mar 11 low. On the upside, key resistance and the bull trigger is at $86.16, the Apr 12 high. Initial firm resistance to watch is at $80.62, the May 29 high.
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