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Sights Still Set On The 145.90 Bull Trigger

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(Q2) Hammer Reversal?

WTI TECHS
  • RES 4: $116.58 - High Jun 17
  • RES 3: $114.05 - High Jun 29 and a key near-term resistance
  • RES 2: $105.34/111.45 - 50-day EMA / High Jul 5
  • RES 1: $97.96/105.24 - High Jul 13 / High Jul 8
  • PRICE: $96.35 @ 07:01 BST Jul 15
  • SUP 1: $90.56 - Low Jul 14
  • SUP 2: $90.13 - 1.236 projection of the Jun 14 - 22 - 29 price swing
  • SUP 3: $86.81 - Low Mar 15
  • SUP 4: $85.03 - 1.50 projection of the Jun 14 - 22 - 29 price swing

WTI futures traded lower Thursday to confirm a resumption of the current downtrend. Price however did recover from the low of the day and yesterday’s close was near the session high. In pattern terms, yesterday was a hammer candle formation - a potential short-term reversal signal. Gains would be considered corrective. On the downside, a resumption of weakness and a break of $90.56, yesterday’s low, would resume the downtrend.

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  • RES 4: $116.58 - High Jun 17
  • RES 3: $114.05 - High Jun 29 and a key near-term resistance
  • RES 2: $105.34/111.45 - 50-day EMA / High Jul 5
  • RES 1: $97.96/105.24 - High Jul 13 / High Jul 8
  • PRICE: $96.35 @ 07:01 BST Jul 15
  • SUP 1: $90.56 - Low Jul 14
  • SUP 2: $90.13 - 1.236 projection of the Jun 14 - 22 - 29 price swing
  • SUP 3: $86.81 - Low Mar 15
  • SUP 4: $85.03 - 1.50 projection of the Jun 14 - 22 - 29 price swing

WTI futures traded lower Thursday to confirm a resumption of the current downtrend. Price however did recover from the low of the day and yesterday’s close was near the session high. In pattern terms, yesterday was a hammer candle formation - a potential short-term reversal signal. Gains would be considered corrective. On the downside, a resumption of weakness and a break of $90.56, yesterday’s low, would resume the downtrend.