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Risk Appetite Gains Momentum


Bears Watch for Close Below 20-Day EMA

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WTI TECHS: (Q20) Bearish Risk
*RES 4: $44.22 - Low Mar 2
*RES 3: $42.17 - Low Mar 6 and the gap low on the daily chart
*RES 2: $41.63 - High Jun 23 and key resistance
*RES 1: $40.54 - High Jun 24
*PRICE: $39.67 @ 06:57 BST Jul 1
*SUP 1: $37.08 - Low Jun 25
*SUP 2: $35.92/34.66 - 50-day EMA / Low Jun 15
*SUP 3: $32.76 - Low May 29
*SUP 4: $31.63 - Low May 28
WTI futures stalled at $41.63 on Jun 23. The subsequent sharp pullback
highlights a failure to extend gains following the recent break of former key
resistance at $40.69, Jun 8 high. The near-term outlook remains bearish despite
this week's recovery and attention remains on key support at $34.66, Jun 15 low.
A break would signal a more convincing reversal. On the upside, clearance of
$41.63 is needed to ease the developing bearish threat.

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