(Q1) Attention Is On The 20-Day EMA

• RES 4: $80.00 - Psychological round number
• RES 3: $78.79 - 1.764 proj of Mar 23 - May 18 - May 21 price swing
• RES 2: $77.35 - 1.618 proj of Mar 23 - May 18 - May 21 price swing
• RES 1: $76.98 - High Jul 6
• PRICE: $73.67 @ 07:08 BST Jul 7
• SUP 1: $72.94 Low Jul 6
• SUP 2: $72.17/69.54 - 20-day EMA / Low Jun 17 and key S/T support
• SUP 3: $68.71 - 50-day EMA
• SUP 4: $66.80 - High May 18

WTI crude futures faced strong selling pressure yesterday. The move lower has defined resistance at $76.98 and this represents a near-term bull trigger. The move lower has also exposed support at the 20-day EMA that intersects at $72.17. A breach of the average would open $71.97, Jun 29 low and an important short-term support. For bulls, a move above $76.98 would confirm a resumption of the underlying uptrend.