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(N1) Approaching Key Resistance

  • RES 4: $70.00 - Psychological round number
  • RES 3: $67.95 - High Oct 29, 2018
  • RES 2: $67.25 - 2.00 proj of Mar 23 - 30 - Apr 5 price swing
  • RES 1: $67.02 - High May 18 and the bull trigger
  • PRICE: $66.12 @ 06:54 BST May 26
  • SUP 1: $63.63/61.56 - Low May 24 / Low May 21
  • SUP 2: $60.55 - Low Apr 22 and key short-term support
  • SUP 3: $58.70 - Low Apr 12
  • SUP 4: $57.63 - Low Apr 5

WTI crude edged higher yesterday, extending the recovery from Friday's low of $61.56. This low marks a key short-term support where a break is required to suggest a short-term top and the start of a deeper corrective pullback. Attention is on $67.02, May 18 high and the bull trigger. A break would confirm a resumption of the bull trend. Moving average studies remain in bull mode, reinforcing trend conditions.

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