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(Q2) Retracement Extends

  • 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 - Hgh Jun 17
  • RES 1: $112.55 - 20-day EMA
  • PRICE: $104.96 @ 07:16 BST Jun 22
  • SUP 1: $100.66 - Low May 19
  • SUP 2: $99.36 - Low May 12
  • SUP 3: $95.47 - Low May 11
  • SUP 4: $93.45 - Low Apr 25

WTI futures are trading on a softer note. The contract has cleared support at the 50-day EMA and this strengthens the current bearish theme, signalling scope for a continuation lower. The break lower has opened $100.66, the May 19 low. A breach of this level would pave the way for a move towards $95.47, the May 11 low. Initial firm resistance is seen at $116.58, the Jun 17 high. A break would ease the bearish threat.

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