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(Q3) Bearish Outlook

WTI CURVE
  • RES 4: $80.39 - High Apr 19
  • RES 3: $78.62 - High Apr 24
  • RES 2: $76.35 - High Apr 28
  • RES 1: $72.43/75.70 - 50-day EMA / High Jun 5 and a key resistance
  • PRICE: $71.37 @ 07:10 BST Jun 21
  • SUP 1: $66.96 - Low Jun 12
  • SUP 2: $64.41 - Low May 4 and key support
  • SUP 3: $62.43 - Low Dec 2 2021 (cont)
  • SUP 4: $60.00 - Psychological round number

WTI futures remain below resistance at $75.70, the Jun 5 high and the outlook remains bearish, despite the recent recovery. The pullback from $75.70 reinforces a bearish theme. Support at $67.21, May 31 low, has recently been pierced, a clear break would open $64.41, May 4 low. Moving average studies are in a bear mode position highlighting a downtrend. A break of $75.70 would signal a reversal.

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