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(Q3) Approaching Key Resistance

WTI TECHS
  • RES 4: $80.39 - High Apr 19
  • RES 3: $78.62 - High Apr 24
  • RES 2: $76.35 - High Apr 28
  • RES 1: $75.70 - High Jun 5 and a key resistance
  • PRICE: $74.79 @ 07:04 BST Jul 12
  • SUP 1: $69.69/66.96 - Low Jul 3 / Low Jun 12 and key support
  • SUP 2: $64.41 - Low May 4 and the bear trigger
  • SUP 3: $62.43 - Low Dec 2 2021 (cont)
  • SUP 4: $60.00 - Psychological round number

The current short-term bull cycle in WTI futures remains intact. The contract has recently breached resistance at $72.72, the Jun 21 high. This strengthens a short-term bullish condition and a continuation would expose key resistance at $75.70, the Jun 5 high. A break of this level would highlight an important bullish break. On the downside, key short-term support is at $66.96, the Jun 12 low. Initial support lies at $69.69, the Jul 3 low.

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