Technicals: Week 26

Tuesday, June 23, 2026. CRUDE OIL TECHNICALS: WTI trading $73.85-$74.21. KEY SUPPORT: Immediate $73.91; Below: $71.84, $69.92, $67.93, $65.15, $63.30, $61.23, $58.95, $56.53, $54.82. KEY RESISTANCE: Immediate $76.02; Above: $78.42, $80.53, $82.67, $85.09, $87.30, $89.72, $92.50, $94.99, $97.41. TRADING BIAS: Short bias below $73.91 (target lower supports, stop above ~$74.83); Long bias above $76.02 (target higher resistances, same stop). SETUP: Broad $73-$78 zone for immediate support/resistance. June 2026 range $71.73-$106.74. INVENTORY DATA: API (released Jun 16, week ending Jun 12) commercial crude fell 8.33M barrels (exceeded expectations -4.5M). EIA (released Jun 17, week ending Jun 12) commercial crude declined 8.263M barrels to 418.2M barrels (larger than forecast -3.6M to -4.6M). Total crude incl. SPR fell 17.2M barrels to 758.5M barrels (lows not seen since mid-1980s). Cushing stocks dropped 1.606M barrels to 20.03M (near multi-year lows). Context multi-week draw trend, refinery runs up, net imports down. NEXT REPORTS: API Jun 23 (Tue), EIA Jun 24 (Wed) for week ending Jun 19. NATURAL GAS TECHNICALS: Henry Hub trading ~$3.263 (day's range $3.256-$3.272). RSI 14 43.501 sell signal (below 50, weakening momentum but not oversold). MACD 12,26 -0.003 sell signal (negative, below signal line). CLASSIC PIVOT POINTS: Pivot 3.266, S1 3.262, R1 3.270. MOVING AVERAGES: MA5 3.264 buy signal (price near/slightly above); MA20 3.298 sell signal (price below); MA50 3.268 sell signal (price below); MA200 3.179 buy signal (price well above). OVERALL: Strong Sell (moving averages sell, technical indicators strong sell). THE READ: Crude broad range $73-$78 zone. Short bias below $73.91. Long bias above $76.02. Inventory draws supporting lower prices. Gas weak technicals. RSI neutral. MACD negative. Moving averages bearish. Accumulation zone intact but technicals need reset. Trade the charts. Respect the levels.

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