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EGB Supply - W/C November 21, 2022

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WTI TECHS: (N20) Near-Term Focus Remains Bearish
*RES 4: $41.88 - Low Mar 6 and the gap low on the daily chart
*RES 3: $40.44 - High Jun 8 and bull trigger
*RES 2: $39.91 - High Jun 10
*RES 1: $39.06 - High Jun 16
*PRICE: $37.63 @ 06:35 BST Jun 18
*SUP 1: $36.38 - Low Jun 16
*SUP 2: $34.66/36/33.49 - 50-day EMA / Low Jun 15
*SUP 3: $31.14 - Low May 28
*SUP 4: $30.72 - Low May 22 and key support
WTI futures maintain a weaker focus despite this week's recovery. Price last
week cleared trendline support, drawn off the Apr 29 low. This signalled a
potential trend reversal. Furthermore, trend conditions recently entered
overbought territory and a pullback is allowing this to unwind. Deeper losses
would expose $33.66, the 50-day EMA and $30.72, May 22 low. The latter is a key
support. Initial firm resistance is at $39.91, Jun 10 high.

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