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(Q2) Remains Above Last Week’s Lows

WTI TECHS
  • 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: $111.21 - 50.0% retracement of the Jun 14 - 22 downleg
  • PRICE: $111.14 @ 07:13 BST Jun 28
  • 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. A bearish threat is present despite recent gains. This follows the recent sell-off that resulted in a move below the 50-day EMA and signals potential for weakness towards $100.66, the May 19 low. A breach of this support would open $95.47, the May 11 low. Initial firm resistance is seen at $116.58, the Jun 17 high. A breach would ease the bearish threat.

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