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Downtrend Remains Intact

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Crude futures have crept higher and are approaching Monday's opening levels and continuing yesterday's late recovery amid an approval in risk sentiment; WTI is up $0.37 from settlement levels at $72.30/bbl, Brent is up $0.51 at $75.01/bbl.

  • The technical picture for oil remains intact for WTI, price is testing the 61.8% retracement of the Jul 6 - 20 downleg at $71.85. A breach of this retracement would strengthen a bullish case and place on hold the recent bearish theme. This would signal scope for a climb towards key resistance at $76.07, the Jul 6 high. A reversal lower would refocus attention on $65.01, Jul 20 low and the key support.
  • Brent has tested above $73.87, the 61.8% retracement of the Jul 6 - 20 downleg. A clear breach of this level would strengthen a bullish case and put on hold the recent bearish theme. This would signal scope for a climb towards key resistance at $77.84, the Jul 6 high. A reversal lower is required to refocus attention on $67.44, Jul 20 low.