- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 06/11/12 @ 81.99. Confirmation of a top with a close violation on 06/11/12 @ 81.20. Downside Targets = 77.08 – 76.32
- July WTI Crude gapped higher in overnight trading on Monday before stopping just below last week’s high and then fell over $5 as it set fresh contract lows at $81.11.
- WTI should retrace some of Monday’s losses, up to $83.92, before running into additional selling pressure and moving lower to our downside objective of $77.08.
- Projected Daily Range: 3.11
- Projected Weekly Range: 6.60
- Projected Monthly Range: 11.27