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(Q1) Defying Gravity

WTI TECHS
  • RES 4: $78.79 - 1.764 proj of Mar 23 - May 18 - May 21 price swing
  • RES 3: $77.35 - 1.618 proj of Mar 23 - May 18 - May 21 price swing
  • RES 2: $77.00 - Round number resistance
  • RES 1: $76.77 - Intraday high
  • PRICE: $76.53 @ 06:56 BST Jul 6
  • SUP 1: $74.41 Low Jul 2
  • SUP 2: $72.04/69.54 - 20-day EMA / Low Jun 17 and key S/T support
  • SUP 3: $68.52 - 50-day EMA
  • SUP 4: $66.80 - High May 18

WTI crude has started the week on a firm note, resuming its uptrend and trading to fresh trend highs. This maintains the positive price sequence of higher highs and higher lows. Price has cleared $76.18, 1.50 projection of the Mar 23 - May 18 - May 21 price swing. The break opens $77.35 next, the 1.618 projection. On the downside, initial firm support is at $72.04, the 20-day EMA.

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