Oil Spills into First Major Support

5 juin 2024

WTI has plunged more than 17.3% off the April highs with the decline responding to confluent support today at 72.14/93- a region defined by the objective yearly open and the 2024 low-day close (LDC).

Looking for a reaction down here. . .

Initial resistance now eyed at 75.33 with bearish invalidation now lowered to 77.67.

A break lower exposes the December LDC at 69.81 backed by the 2023 LDC at 68.527.

Watch the weekly close here.

Michael Boutros, Sr Technical Strategist
MBForex

7 juin 2024

Note

WTI off confluent support noted earlier this week but the bulls aren't out of the woods yet. Look for support ahead of 74 IF a more meaningful low was registered this week with a breach above 77.66 still needed to invalidate the April downtrend.

Watch the weekly close here.

12 juin 2024

Note

A vault off support takes oil into resistance at the April downtrend- looking for a reaction here. A daily close above the 200DMA / 2023 open at 79.67-80.31 needed to validate a larger breakout here.

Monthly open support now 77.25.

Fed on tap. .

Michael Boutros, Sr Technical Strategist
MBForex