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(Q4) Bull Cycle Remains In Play

WTI TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $85.24 - High Apr 12 and the bull trigger
  • RES 2: $82.24 - 76.4% retracement of the Apr 12 - Jun 4 bear leg
  • RES 1: $81.90 - High Jun 25
  • PRICE: $81.65 @ 07:06 BST Jun 25
  • SUP 1: $78.54 50-day EMA
  • SUP 2: $74.94/72.44 - Low Jun 10 / 4
  • SUP 3: $71.05 - Low Feb 5
  • SUP 4: $69.22 - Low Dec 13 ‘23 and a key support

WTI futures are trading closer to their latest highs and the current bull phase remains intact. The recent move higher has resulted in a break of $80.11, the May 29 high and a key resistance. The clear breach of this hurdle cancels a bearish theme and paves the way for $82.24, a Fibonacci retracement point. Initial firm support to watch is $78.54, the 50-day EMA. A break would be seen as an early potential reversal signal.

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