Oil Spills into First Major Support

6月5日

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

6月7日

ノート

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.

6月12日

ノート

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