(Q2) Holding On To Its Recent Gains

• RES 4: $122.68- 1.50 proj of the May 11 - 17 -19 price swing
• RES 3: $120.88 - High Jun 14 and key resistance
• RES 2: $116.58 - High Jun 17
• RES 1: $113.49 - 61.8% retracement of the Jun 14 - 22 downleg
• PRICE: $111.07 @ 08:00 BST Jun 29
• SUP 1: $105.60/101.53 - Low Jun 27/22
• SUP 2: $99.36 - Low May 12
• SUP 3: $95.47 - Low May 11
• SUP 4: $93.45 - Low Apr 25

WTI futures continue to trade above last week’s lows and the contract traded higher again yesterday. An extension of gains would open $113.49 next, a Fibonacci retracement and $116.58, the Jun 17 high. For bears, a reversal lower from current levels would signal the end of the recent recovery and this would refocus attention on the key support at $101.53, the Jun 22 low. A break would confirm a resumption of recent bearish activity.