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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: $99.20 - Intraday high
  • PRICE: $98.67 @ 07:15 BST Jul 18
  • SUP 1: $94.57/90.56 - Low Jul 15 / 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 last Thursday to confirm a resumption of the current downtrend. Price however has recovered from $90.56, the Jul 14 low. In pattern terms, last Thursday is a hammer candle formation - a potential short-term reversal signal. A stronger corrective bounce would open the $100.00 handle and above. On the downside, a resumption of weakness and a break of $90.56, would resume the downtrend.

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