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Bullish Engulfing Candle Reverses Trend

OIL TECHS

Technical signals in Oil are bullish following strong reversal signals yesterday.

  • In both Brent and WTI, yesterday's price action resulted in the formation of a bullish engulfing candle, reversing the most recent decline between Sep 18 and Oct 2.
  • Primary support in Brent has been defined at $38.79, Friday's low with scope for a climb towards $43.07, Sep 23 high.
  • In WTI, yesterday's reversal unfolded just ahead of key support at $36.58, Sep 8 low. Scope is seen for a climb towards resistance at $40.80, Sep 28 high.

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