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(Q2) Bear Cycle Still In Play

WTI TECHS
  • RES 4: $116.58 - High Jun 17
  • RES 3: $114.05 - High Jun 29 and a key near-term resistance
  • RES 2: $106.54/111.45 - 50-day EMA / High Jul 5
  • RES 1: $105.24 - High Jul 8
  • PRICE: $102.13 @ 07:11 BST Jul 12
  • SUP 1: $95.10 - Low Jul 6 and the bear trigger
  • SUP 2: $93.45 - Low Apr 25
  • SUP 3: $90.13 - 1.236 proj of the Jun 14 - 22 - 29 price swing
  • SUP 4: $86.81 - Low Mar 15

A sharp sell-off in WTI futures last week strengthened bearish conditions and signals scope for a continuation lower. The move lower resulted in a break of support at $101.53, Jun 22 low and a short-term bear trigger. This signals scope for weakness towards $93.45 next, the Apr 25 low and beyond. On the upside, key short-term resistance has been defined at $114.05, the Jun 29 high. Short-term gains are considered corrective.

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