JULY Crude Oil: Today is June Expiration:Crude prices retreated from Wednesday's Bull run on Thursday as prices ran into resistance at the 10125-10170 range (contains 100-MA for July contract). The market dropped $1.63 to close at 9893 on the day. Despite the slide, the chart patterns suggest a Flat to Bullish bias for today against a base seen at the 9800 level. A cross below 9800 neutralizes the Bulls and may trigger another round of selling towards the lower end of the recent wide trading range from 9500 to 10500.

For today, buyers can look to go long on dips against S1 and S2 Support zones with Stops suggested 16 cents below the low of each zone. On trade below 9800, take a test and hold approach against S3 and S4 before going long. Upside action above 10000 reinforces the Bulls and aims to retest weekly highs at 10125-10170 key R2 Resistance. A move above 10170 indicates strength with the potential to catapult the market into the 10285 to 10525 range today.

On the downside, sellers can short on a test and fail basis of R1 and R2 Resistance zones using suggested Stops of 16 cents above each zone. Keep positions light as the upside is favored today. Cover most shorts against 9893 S1 to 9863-9800 S2 Support targets. A punch through 9800 clears the way for drives to 9740 S3 to 9600S4 Support targets and potentially into the 9580-9518 S5 extended target zone.

Daily Chart:

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