WTI TECHS: (Q6) Resistance Remains Intact

• RES 4: $4914.9 - 61.8% retracement of the Mar 2 - 23 bear leg 
• RES 3: $4773.5/4889.4 - High May 12 / High Apr 16 and a bull trigger
• RES 2: $4588.2 - 50-day EMA
• RES 1: $4478.1 - 20-day EMA
• PRICE: $4211.0 @ 07:24 BST Jun 10
• SUP 1: $4268.8 - Low Jun 8
• SUP 2: $4200.0 - Round number support
• SUP 3: $4099.2 - Low Mar 23 and the bear trigger
• SUP 4: $4000.0 - Psychological round number

A bear theme in Gold remains intact and this week’s extension reinforces the downtrend. The metal has pierced the $4200.0 handle and a continuation lower would signal scope for a move towards the key medium-term support at $4099.2, the Mar 23 low. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Initial resistance is seen at $4478.1, the 20-day EMA.

• RES 4: $120.00 - Round number resistance
• RES 3: $115.16 - 1.382 proj of the Mar 10 - 23 - Apr 17 price swing
• RES 2: $111.60 - 1.236 proj of the Mar 10 - 23 - Apr 17 price swing
• RES 1: $98.99/108.34 - High Jun 3 / High May 5 and a bull trigger
• PRICE: $91.20 @ 07:07 BST Jun 10
• SUP 1: $89.57 - Low Jun 9
• SUP 2: $81.45 - Low Apr 17 and a key support
• SUP 3: $75.06 - Low Mar 10 
• SUP 4: $67.87 - Low Feb 26

Brent futures continue to trade closer to their recent lows. The primary trend set-up remains bullish and short-term weakness - for now - appears corrective. A support area to watch lies at $93.97, the 50-day EMA. The contract has once again traded through this average, a clear break of it is required to strengthen a bear threat and this would expose $81.45, the Apr 17 low. Key resistance and the bull trigger is $108.34, the May 5 high. First resistance is $98.99, the Jun 3 high.

The UKMTO notes reports of an incident 88NM southwest of Balhaf, Yemen. A cargo vessel was approached by one other vessel, triggering an exchange of fire between the approaching vessel and security. The approaching vessel turned away as a result.