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OIL TECHS: WTI TECHS: (N19) Possible double bottom?
*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: $54.15 @ 07:37 BST Jun 19
*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.
Yesterday's strong rally has brought back into focus the key resistance at
$54.84. While trend conditions remain bearish below this level, technical
signals such as the evident bullish divergence between price and momentum and a
possible developing double bottom pattern should not be ignored. These reinforce
the relative importance of $54.84 and is a risk parameter for bears.