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(Q2) Remains Vulnerable

WTI TECHS
  • RES 4: $120.88 - High Jun 14 and key resistance
  • RES 3: $116.58 - High Jun 17
  • RES 2: $114.05 - High Jun 29 and a key near-term resistance
  • RES 1: $107.22 - 50-day EMA / High Jul 5
  • PRICE: $100.51 @ 06:00 BST Jul 6
  • SUP 1: $97.43 - Low Jul 6
  • SUP 2: $95.47 - Low May 11
  • SUP 3: $93.45 - Low Apr 25
  • SUP 4: $90.13 - 1.236 proj of the Jun 14 - 22 - 29 price swing

A sharp sell-off in WTI futures Tuesday reinforces current bearish conditions and signals scope for an extension lower. The sell-off resulted in a break of support at $101.53, the Jun 22 low and a short-term bear trigger. This signals scope for weakness towards $95.47, the May 11 low and beyond. On the upside, key short-term resistance has been defined at $114.05, the Jun 29 high.

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