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Free AccessWTI TECHS: (N19) Bearish technical........>
OIL TECHS: WTI TECHS: (N19) Bearish technical signals intact
*RES 4: $59.10 - 100-dma
*RES 3: $58.52 - 50% of Apr-May fall
*RES 2: $57.33 - Low May 23
*RES 1: $54.84 - High Jun 10
*PRICE: $51.81 @ 06:00 GMT Jun 18
*SUP 1: $50.60 - Low June 5
*SUP 2: $49.45 - 76.4% retracement of Dec-Apr rally
*SUP 3: $48.39 - High Dec 26
*SUP 4: $44.49 - L/T Trendline
WTI has been leading the way technically among the oil-based futures recently
and the contract continues to give bearish signals currently. Both momentum and
trend indicators remain in a bear mode overall reinforcing the bearish stance. A
break below the $51.70 support will put the lows at $50.60 back under pressure,
with the potential to extend the downtrend towards the $44.49 trendline.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.